Nigeria’s annual inflation rate fell for the third month to 22.22% in June 2025, the softest since April 2023, driven by base effects and a relatively stable exchange rate. Food inflation, the largest component of the inflation basket, accelerated slightly to 21.97%, from 21.14% the month before, likely reflecting the impact of the Sallah festival, which saw livestock and commodity prices surge by an average of 35%. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, increased to 22.76% in June from 22.28% in May. On a monthly basis, consumer prices rose by 1.68% in June, after a 1.53% increase in the previous month.