Nigeria’s headline inflation rate eased to 22.22% in June 2025, down from 22.97% in May, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.
The report reflects a 0.75 percentage point month-on-month decline and a significant drop of 11.97 percentage points year-on-year from the 34.19% recorded in June 2024. This decline follows the implementation of a rebased CPI series, with 2024 now serving as the base year, a technical adjustment that partially accounts for the year-on-year moderation.
Despite the annual dip, the month-on-month inflation rose to 1.68% in June, compared to 1.53% in May, suggesting continued upward pressure on household expenses.
Food Inflation: A Mixed Picture
Food inflation declined sharply on a year-on-year basis, dropping to 21.97% in June from 40.87% in the same month of 2024. However, food prices increased by 3.25% month-on-month, up from 2.19% in May.
Staples such as tomatoes, pepper, crayfish, plantain flour, and meat were among the major contributors to the monthly rise. On a 12-month average basis, food inflation stood at 28.28%, compared to 35.3% in the corresponding period a year earlier.
Core and Regional Inflation Trends
Core inflation which excludes the prices of food and energy also slowed year-on-year to 22.76%, from 27.4% in June 2024. However, monthly core inflation spiked to 2.46%, more than double May’s 1.10%, indicating mounting pressure in non-food categories like housing, transport, utilities, and healthcare.
In urban areas, inflation eased to 22.72% year-on-year, down from 36.55% in June 2024. Yet, prices rose 2.11% month-on-month. The 12-month urban average dropped to 28.16%.
Rural inflation followed a similar pattern, falling to 20.85% year-on-year from 32.09%, with a monthly increase of just 0.63%, down from 1.83% in May. The 12-month rural inflation average stood at 24.65%.
State-by-State Breakdown
Borno recorded the highest year-on-year inflation rate at 31.63%, followed by Abuja (26.79%) and Benue (25.91%). On the other end, Zamfara had the lowest at 9.90%, followed by Yobe (13.51%) and Sokoto (15.78%).
On a monthly basis, inflation surged the most in Ekiti (5.39%), Delta (5.15%), and Lagos (5.13%), while Zamfara, Niger, and Plateau saw significant declines of 6.89%, 5.35%, and 4.01%, respectively.
Food inflation was highest in Borno (47.40%), Ebonyi, and Bayelsa, while the slowest increases were recorded in Katsina, Adamawa, and Sokoto. Month-on-month, food prices rose fastest in Enugu, Kwara, and Rivers, while Borno, Sokoto, and Bayelsa recorded declines.
What’s Driving Inflation?
The main contributors to headline inflation remained consistent: food and non-alcoholic beverages, transport, housing, electricity, gas, education, healthcare, and clothing.
While the decline in year-on-year inflation suggests some macroeconomic adjustment, the persistent monthly increases highlight the continued financial strain on households, with many still grappling with the high cost of living amid rising utility and food bills.
