Nigeria’s inflation rate dropped to 22.22% year-on-year in June, down from 22.97% in May 2025. This represents a drop of 75 basis points.

The new inflation figures were released by the National Bureau Statistics (NBS) today (16/07/2025). The NBS data also shows that on a month-on-month basis, consumer prices increased to 1.68%, up from May figure of 1.53%.

Food inflation increased by 83bps to 21.97% y/y in June, up from May level of 21.14% y/y). On a month-on-month basis, food inflation rose by 107bps to 3.25%, up from April level of 2.19% m/m. According to the NBS, these increases are due 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.

Similarly, core inflation (all items excluding farm produce and energy) rose by 48bps to 22.76% y/y in June, up from May rate of 22.28% y/y. On a month-on-month basis, the core index increased sharply by 136bps to 2.46% m/m, up from May figure of 1.10% m/m.