The report by the Nigeria Bureau of Statistics, NBS says that there was a considerable reduction in the food inflation in Nigeria last month compared with what was recorded same time last year. According to the report released earlier in the week, the food inflation rate in June 2025 was 21.97 percent on a year-on-year basis. This was 18.90 percentage points lower compared to the rate recorded in June 2024 (40.87 percent). This was contained in the Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) on Wednesday.
The significant decline in the annual food inflation figure is technically due to the change in the base year. On a month-on-month basis, the food inflation rate in June 2025 was 3.25 percent, up by 1.07 percent compared to May 2025 (2.19 percent).
The increase can be attributed 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.
The average annual rate of Food inflation for the twelve months ending June 2025 over the previous twelve-month average was 28.28 percent, which was 7.06 percentage points lower compared with the average annual rate of change recorded in June 2024 (35.35 per cent).
Reduction in food inflation was not the only positive record in the report. It also said that the headline inflation rate in Nigeria has again eased to 22.22 per cent in June relative to the 22.97 per cent rate recorded in May, 2025. The movement of the June 2025 headline inflation rate showed a decrease of 0.76 percentage points compared to the May 2025 headline inflation rate.
According to the report, on a year-on-year basis, the headline inflation rate was 11.97 percent lower than the rate recorded in June 2024(34.19 percent).
This shows that the Headline inflation rate (year-on-year basis) decreased in June 2025 compared to the same month in the preceding year (June 2024), though with a different base year.
However, on a month-on-month basis, it said the headline inflation rate in June 2025 was 1.68 percent, which was 0.15 percent higher than the rate recorded in May 2025 (1.53 percent).
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.
