Nigeria’s headline inflation rate eased for the third straight month in June, falling to 22.22% year-on-year from 22.97% in May, according to data released Wednesday by the country’s National Bureau of Statistics.

Inflation in Africa’s most populous nation surged to levels not seen in 28 years last year, driven largely by President Bola Tinubu’s policy decisions after taking office in 2023, including the removal of costly fuel subsidies and a devaluation of the naira currency.

The inflation rate experienced a sharp decline in January when the statistics agency revised its base year and adjusted the weighting of items in the inflation basket, dropping from 34.8% in December 2024 to 24.48% in January 2025. However, the pace of decline has since slowed.

Food inflation remained elevated, rising slightly to 21.97% in June from 21.14% in May.

Nigeria’s central bank, which has held its key interest rate steady during its last two meetings, is scheduled to hold another rate-setting session next week amid ongoing concerns about inflation and economic growth.