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June 2025 Inflation Report | High Base Effect Keeps YoY Inflation Tapered

June 2025 offered another month of relief as headline inflation eased to 22.22% YoY (from 22.97% in May 2025), aided by a stronger Naira (NGN1,546.50/USD) and high base effect. However, food inflation rose sharply to 3.25% MoM, driven by flooding in Niger, insecurity in Benue, and a rebound in imported food costs.
While core inflation also picked up to 2.46% MoM (from 1.10% MoM in May 2025), we expect some reprieve in July from softer global oil prices and lower fuel costs (NGN820/litre). Nonetheless, food prices may stay elevated due to seasonal pressures and supply disruptions.
Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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ARM Research

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