Nigeria’s headline inflation rate for July fell to 21.8 per cent as compared to June, which stood at 22.22 per cent, the National Bureau of Statistics (NBS) said on Friday.
The Consumer Price Index (CPI) report indicates that the nation has experienced four consecutive drops in inflation for the year.
Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 21.33 per cent in July 2025 on a year-on-year basis; a decline of 6.13 per cent when compared to the 27.47 per cent recorded in July 2024.
According to the NBS, the July headline inflation movement showed a “decrease of 0.34% compared to the June 2025 headline inflation rate.”
“On a year-on-year basis, the headline inflation rate was 11.52% lower than the rate recorded in July 2024 (33.40%),” the report said.
However, the statistics agency noted that on a month-to-month basis, price growth was faster in July than in June.
“On a month-on-month basis, the Headline inflation rate in July 2025 was 1.99%, which was 0.31% higher than the rate recorded in June 2025 (1.68%),” the NBS stated.
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It also revealed that July’s inflation rate eased to 3.12 per cent, as compared to the previous month.
“This means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in June 2025,” it added.
The NBS said food and non-alcoholic beverages, restaurants and accommodation services, and transport were the top contributors to the CPI in the review month.
“The food inflation rate in July 2025 was 22.74 per cent on a year-on-year basis. On a month-on-month basis, the food inflation rate in July 2025 was 3.12 per cent, down by 0.14 per cent compared to June 2025 (3.25 per cent),” part of the report read.