Highlights

According to the National Bureau of Statistics (NBS), Headline Inflation slowed to 22.22% year on year in June 2025, down from 22.97% in May. The moderation is notable, especially as both Core and Food Inflation grew over the same period.

Food inflation rose to 21.97% year-on-year in June from 21.14% in May, marking the first growth since the inflation series was rebased. On a month-on-month basis, the rate climbed sharply to 3.25% from 2.19% in the previous month.

After two consecutive months of decline, Core Inflation which excludes farm produce and energy rose to 22.76% year on year in June, from 22.28% in May. On a month-on-month basis, the rate spiked to 2.46%, more than double the 1.10% recorded in the prior month.

Outlook

In the near term, Inflation is expected to remain uneven across key components. While Headline Inflation may continue to ease slightly due to improved FX conditions and recent energy price movements by Dangote Refinery, structural issues in food-producing regions – particularly insecurity and weak logistics will likely keep food inflation elevated.

Click here, “June 2025 – Inflation Softens, but Food and Core Inflation Pressures Persist”, to view the full report.