Nigeria’s inflation rate decreases to 22.22%, report says

Thursday, July 17, 2025 - Nigeria’s headline inflation rate dropped to 22.22 percent in June 2025, down from 22.97 percent recorded in May, according to the latest Consumer Price Index (CPI) report released on Wednesday, July 16, by the National Bureau of Statistics (NBS)

“On a year-on-year basis, the Headline inflation rate was 11.97% lower than the rate recorded in June 2024 (34.19%),” the NBS stated

Despite the annual drop, the agency noted a slight uptick in month-on-month inflation “On a month-on-month basis, the Headline inflation rate in June 2025 was 1.68%, which was 0.15% higher than the rate recorded in May 2025 (1.53%) This means that in June 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in May 2025”

The NBS also reported that food inflation stood at 21.97 percent year on year in June, a significant drop from the 40.87 percent recorded in June 2024 “This was 18.93% points lower compared to the rate recorded in June 2024 (40.87%),” it said “The significant decline in the annual food inflation figure is technically due to the change in the base year”

However, food prices rose month on month “On a month on month basis, food inflation rate in June was 3.25 percent — up by 1.07 percent compared to May 2025 (2.19 percent),” the agency said “The increase can be attributed to the rate of increase in the average prices of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc”

“The average annual rate of Food inflation for the twelve months ending June 2025 over the previous twelve month average was 28.28%, which was 7.02% points lower compared with the average annual rate of change recorded in June 2024 (35.3%),” the report added

Geographically, food inflation on a year on year basis was highest in Borno (47.40 percent), Ebonyi (30.62 percent), and Bayelsa (28.64 percent) States with the slowest year on year rise were Katsina (6.21 percent), Adamawa (10.90 percent), and Sokoto (15.25 percent)

On a month-on-month basis, the steepest increases were recorded in Enugu (11.90 percent), Kwara (9.97 percent), and Rivers (9.88 percent), while the slowest or even negative inflation rates were observed in Borno (-7.63 percent), Sokoto (-6.43 percent), and Bayelsa (-6.34 percent).