Nigeria’s headline inflation rate has dropped to 21.88 percent in July 2025, from 22.22 percent recorded in June, according to the National Bureau of Statistics (NBS).
In its Consumer Price Index (CPI) report released on Friday, the bureau said the July figure was 11.52 percentage points lower than the 33.40 percent recorded in July 2024.
“On a month-on-month basis, the headline inflation rate in July 2025 was 1.99 percent, which was 0.31 percentage points higher than the rate recorded in June 2025 (1.68 percent),” NBS said.
“This means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in June 2025.”
The bureau identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top contributors to the CPI.
The NBS said food inflation rose to 22.74 percent in July 2025 on a year-on-year basis, up from 21.97 percent in June. This represented a 16.79 percentage point decline from the 39.53 percent recorded in July 2024 — a drop it attributed to a change in the base year.
“On a month-on-month basis, the food inflation rate in July 2025 was 3.12 percent, down by 0.14 percentage points compared to June 2025 (3.25 percent),” it said.
“The decrease can be attributed to the rate of decrease in the average prices of vegetable oil, white beans, local rice, maize flour, guinea corn (sorghum), wheat flour, millet whole grain, and others.”
The report also showed that the average annual rate of food inflation for the twelve months ending July 2025 was 26.97 percent, down 9.39 percentage points from the 36.36 percent recorded in July 2024.
Boluwatife Enome
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