More Nigerians are beginning to sense a slowdown in inflation, according to the latest Inflation Expectations Survey released by the Central Bank of Nigeria (CBN) for June 2025.
The report highlights a notable shift in public sentiment toward greater optimism on price stability, with fewer respondents now describing inflation as high compared to previous months.
“The percentage of respondents who perceive inflation as high declined to 71.0% in June 2025, down from 75.3% in May,” the CBN noted in the survey findings.
This shift reflects growing confidence in ongoing government and CBN policies targeting inflation control and macroeconomic stabilization.
The survey also shows an increase in those perceiving inflation as moderate, rising from 18.2% in May to 20.9% in June. Similarly, the share viewing inflation as low grew from 6.5% to 8.1% over the same period.
Households Lead Positive Shift
A deeper look at the data reveals that household perceptions were the primary driver of this change. The proportion of household respondents viewing inflation as high dropped sharply from 79.6% in May to 69.5% in June, a decline of 10.1 percentage points.
Conversely, households perceiving inflation as moderate increased from 15.9% to 22.7%, while those seeing it as low rose from 4.4% to 7.8%.
Business Sentiment Remains Cautious
However, this improving outlook was not mirrored among business respondents. The percentage of businesses perceiving inflation as high edged up slightly, from 71.5% in May to 72.3% in June, indicating ongoing concerns about cost pressures in the corporate sector.
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**Key Inflation Data**
The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate eased to 22.22% in June 2025, down from 22.97% in May. Year-on-year, this represents an 11.97 percentage point decline from 34.19% recorded in June 2024.
On a month-on-month basis, however, headline inflation rose to 1.68% in June, up from 1.53% in May, indicating a faster pace of price increases during the month.
The average Consumer Price Index (CPI) change over the 12 months ending June 2025 was 26.58%, down 3.42 percentage points from 30.00% in June 2024.
In its Purchasing Managers’ Index (PMI) report for June, the CBN cautioned that rising input costs across major sectors could spark renewed consumer price inflation, as businesses grapple with increased operating expenses.
