NBS set to release June inflation figures Wednesday

|By Adejumo Adekunle-

-Inflation data follows Buhari’s burial public holiday
-CBN to hold key rate decision meeting July 21–22

The National Bureau of Statistics (NBS) is expected to publish Nigeria’s June 2025 Consumer Price Index (CPI) and inflation report on Wednesday, immediately after the Sallah public holiday observed in honour of the late former President Muhammadu Buhari.

President Buhari, who passed away earlier this month, was buried in his hometown of Daura, Katsina State, on Tuesday. His death led to a national holiday, briefly delaying the release of the inflation report.

Nigeria’s inflation had seen modest improvement in recent months, with May figures showing headline inflation at 22.97% and food inflation at 21.14%. Since the CPI rebasing in January 2025, the country’s inflation trend has generally pointed downward—except for a brief uptick in March.

The new figures will provide critical insights ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for July 21 and 22. The committee is expected to review the benchmark interest rate, currently at 27.50%, to align with inflationary pressures and broader economic indicators.

On the global front, inflation in the United States ticked up in June. The US Consumer Price Index rose by 0.3 percentage points to 2.7%, driven in part by trade-related inflationary pressures. According to the BBC, Olu Sonola, Head of US Economic Research at Fitch Ratings, noted, “There is a trickle of what is likely tariff-induced inflation in some categories, particularly household appliances and furnishings.”

The outcome of Nigeria’s inflation data release could influence CBN’s stance on rate adjustments as policymakers continue to balance the need for growth with curbing inflation in Africa’s largest economy.