Nigeria's inflation stays above 30% in most states despite June headline dip

Nigeria’s June Consumer Price Index showed the headline inflation rate easing slightly to 15.9% from 15.93% in May. The decline masks a stark regional contrast: 19 states and the Federal Capital Territory recorded annual inflation above 30%. Niger state led with 42.23%, followed by Kogi at 41.59% and the capital at 39.91%, while the lowest state, Imo, still posted 19.47%.

Food and non‑alcoholic beverages accounted for about 52% of the CPI basket, driving the surge in prices of tomatoes, fresh pepper, beef, garri, cassava and other staples. Housing, utilities and transport added further pressure. Analysts, including Muda Yusuf of the Centre for the Promotion of Private Enterprise, say the high inflation is structural—fuelled by insecurity, logistics bottlenecks, rising energy and fertilizer costs, supply‑chain disruptions and currency depreciation. The IMF and World Bank echo these assessments, warning that monetary tightening alone will not resolve the crisis.