The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate, which fell to 22.22% in June 2025, down from 22.97% recorded in May. However, the report also highlighted a 1.07% increase in food costs during the same period.
Details of the development were contained in the Bureau’s June 2025 Consumer Price Index (CPI), which showed the CPI figure rising to 123.4 from 121.4 the previous month.
The Centre for the Promotion of Private Enterprise (CPPE) welcomed the continued easing of headline inflation, marking the third consecutive month of decline, but flagged persistent price pressures in the month-on-month data as a cause for concern.
CPPE’s Chief Executive Officer, Dr. Muda Yusuf, noted that these trends call for targeted policy responses. He acknowledged efforts by the federal and state governments to bolster agricultural output, but cautioned that currency dynamics with neighbouring countries have created strong export incentives for Nigerian goods, especially in agriculture.
“The sharp rise in the value of the CFA franc against the naira has made Nigerian products significantly cheaper for neighbouring countries, leading to increased exports and shrinking domestic food supplies,” Yusuf stated. He emphasized the need to ramp up domestic production to counterbalance the trend.
