EXCLUSIVE: Nigeria Inflation Rate Moderates to 22.22% in June 2025

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Nigeria’s inflation rate moderated to 22.22% in June 2025, down from 22.97% in May 2025, according to the National Bureau of Statistics. The year-on-year figure reflects a 0.75 percentage point decline from the previous month and a significant 11.97 percentage point drop compared to June 2024, which recorded an inflation rate of 34.19%. The Consumer Price Index rose to 123.4 in June 2025, reflecting a 2.0-point increase from the preceding month.

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Food inflation rate stood at 21.97% year-on-year in June, a sharp drop from 40.87% recorded in June 2024. Core inflation, which excludes volatile items such as agricultural produce and energy, declined year-on-year to 22.76% in June 2025 from 27.4% in June 2024. On a month-on-month basis, inflation rose slightly to 1.68% in June, compared to 1.53% in May. Food inflation rose to 3.25% in June, up from 2.19% in May, driven by price increases in staples such as tomatoes, pepper, and dried green peas.

Urban inflation dropped to 22.72% year-on-year in June from 36.55% in June 2024, while rural inflation eased to 20.85% year-on-year from 32.09%. The average annual rate of food inflation for the twelve-month period ending June 2025 stood at 28.28%, down by 7.02 percentage points from the 35.3% recorded over a similar period last year.

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State-level data shows a divergence in inflation trends across states. Borno recorded the highest year-on-year all-items inflation rate at 31.63%, followed by Abuja at 26.79% and Benue at 25.91%. The slowest increases were recorded in Zamfara at 9.90%, Yobe at 13.51%, and Sokoto at 15.78%. While the easing of inflation on a yearly basis may reflect improved stability in macroeconomic indicators, the rising monthly rates suggest that Nigerian households continue to face considerable cost-of-living pressures.

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