Nigeria inflation eases again

Nigeria’s annual inflation rate fell for a third straight month in June, bolstering the case for policymakers to again keep borrowing costs unchanged as they wait to see if the trend holds.

Consumer price inflation slowed to 22.2% last month from 23% in May, according to data published by the National Bureau of Statistics (NBS) on Wednesday. That matched the median estimate of six economists in a Bloomberg survey. Prices rose 1.7% in the month.

Policymakers at the central bank will likely leave rates steady at 27.5% for a third straight time on 22 July, as they await more “evidence of a durable trend – that inflation is continuing to cool,” Yvonne Mhango Africa economist for Bloomberg Economics, said ahead of the release.

They only have six months of like-for-like data to guide their decision, after the NBS overhauled the consumer price index in January for the first time in 16 years.

Policymakers will also be cautious of the impact that flooding risks in food-producing areas could have on prices, and potential pressure on the naira posed by increased dollar demand linked to holiday-related travel and foreign school fees.

Listen: Nigeria pays off $3.4bn debt to IMF

© 2025 Bloomberg

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.