Nigeria’s annual inflation rate eased to 22.22 per cent in June from 22.97 per cent in May 2025, the National Bureau of Statistics has stated on Wednesday.
The NBS added that the June 2025 headline inflation rate showed a decrease of 0.76 per cent compared to the May 2025 headline inflation rate.
On a year-on-year basis, the bureau said the headline inflation rate was 11.97 per cent lower than the rate recorded in June 2024 (34.19 per cent).
This, it said, shows that the headline inflation rate (year-on-year basis) decreased in June 2025 compared to the same month in the preceding year (i.e., June 2024), though with a different base year, November 2009 = 100.
The NBS said on a month-on-month basis, the headline inflation rate in June 2025 was 1.68 per cent, which was 0.15 per cent higher than the rate recorded in May 2025 (1.53 per cent).
“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,” it said.
According to the report, the food inflation rate in June 2025 was 21.97 per cent on a year-on-year basis. This was 18.90 per cent points lower compared to the rate recorded in June 2024 (40.87 per cent).
The persistent price surge over the past two years has had devastating effects, with many farms and businesses forced to close, and agricultural producers scaling back output due to insecurity and unpredictable weather conditions in rural areas.
In response to the crisis, Mr Tinubu declared a state of emergency on food insecurity in July 2023, aiming to combat rising food costs. However, despite this effort, food inflation continued to soar.
To address the issue, Mr Tinubu in July last year unveiled measures, including suspending duties, tariffs, and taxes on importing essential food items like beans, wheat, and husked brown rice.
