Nigeria’s headline inflation rate eased to 21.8% in July 2025, down from 22.22% in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday. The figures mark the country’s fourth consecutive monthly decline in inflation this year.
The report also showed that on a month-on-month basis, headline inflation for July stood at 1.99%, representing a 0.31% increase from June’s 1.68%. Despite the year-on-year slowdown, short-term price pressures remain evident.
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Core inflation — which excludes volatile agricultural products and energy — was recorded at 21.33% in July 2025, a significant drop of 6.13% compared to the 27.47% recorded in July 2024. This indicates some relief in the underlying inflationary trend.
Food inflation, however, remained a key concern. The rate stood at 22.74% year-on-year in July, while on a month-on-month basis it dropped slightly to 3.12%, down from 3.25% in June. The main drivers of the CPI during the period were food and non-alcoholic beverages, restaurants and accommodation services, and transport.
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While the continued decline in annual inflation offers cautious optimism for Nigeria’s economy, analysts note that the persistent high cost of living — particularly in essential goods and services — remains a pressing challenge for households across the country.
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