Nigeria’s inflation rate slowed for the third straight month in June 2025, dropping to 22.22 percent year-on-year from 22.97 percent in May, according to data released by the National Bureau of Statistics (NBS).
The decline could influence key decisions at the upcoming Monetary Policy Committee (MPC) meeting scheduled for July 21 and 22.
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On a month-on-month basis, however, inflation ticked up to 1.68 percent in June compared to 1.53 percent in May, suggesting lingering price pressures.
The Central Bank of Nigeria (CBN) has maintained a hawkish monetary stance in recent months, citing concerns about reinflationary forces.
In May, the MPC warned that any premature rate cut could jeopardize recent gains in the naira’s stability, especially with OMO bill yields attracting foreign inflows.Food inflation saw a notable shift.
Year-on-year, it dropped to 21.97 percent in June from 21.14 percent in May—largely due to base effects under the revised inflation calculation methodology.
However, month-on-month figures rose to 3.25 percent in June from 2.19 percent in May.
The NBS identified key drivers of food inflation to include staple items such as dried green peas, fresh pepper, white dried shrimps, crayfish, fresh meat, fresh tomatoes, plantain flour, and ground pepper.
Analysts expect that the MPC will weigh these mixed signals—moderating annual inflation versus rising monthly figures—as it determines whether to maintain, cut, or raise the policy rate in its July meeting.
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