The month-on-month inflation dipped to 20.98% from 25.05% in May.
Food prices remain static despite expectations of a bountiful harvest and rainfall.
Conventional logic suggests that price inflation in Nigeria has been a function of exchange rate volatility.
In the past few months, the naira has appreciated by 42.08% in the parallel market but manufacturers have failed to pass through the benefits to consumers in the form of lower prices.
The food basket, which is both exchange rate sensitive and seasonal, has remained relatively flat. This is primarily as a result of the planting season, shortages, limited purchasing power and consumer liquidity.