Nigeria’s headline inflation rate slowed for the fourth month in a row in July 2025, settling at 21.88 per cent, down from 22.22 per cent in June, according to new data from the National Bureau of Statistics (NBS).
The July figure represents a 0.34 percentage point decline from the previous month and is 11.52 percentage points lower than the 33.40 per cent recorded in July 2024.
In its latest Consumer Price Index (CPI) report released on Friday, the NBS stated: “The Consumer Price Index rose to 125.9 in July 2025, reflecting a 2.5-point increase from the preceding month (123.4).
“In July 2025, the Headline inflation rate eased to 21.88 per cent relative to the June 2025 headline inflation rate of 22.22 per cent. Looking at the movement, the July 2025 Headline inflation rate showed a decrease of 0.34 per cent compared to the June 2025 Headline inflation rate.”
The bureau attributed part of the sharp year-on-year fall to the recent change in the CPI base year.
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However, despite the annual slowdown, short-term pressures persisted. Month-on-month inflation rose to 1.99 per cent in July, compared to 1.68 per cent in June, signalling that prices are still rising for many households.
Food inflation eased to 22.74 per cent year-on-year from 39.53 per cent a year earlier. On a monthly basis, food prices climbed by 3.12 per cent in July, slightly lower than June’s 3.25 per cent. The moderation was driven by slower increases in vegetable oil, local rice, maize flour, guinea corn, wheat flour and millet.
Urban inflation stood at 22.01 per cent year-on-year, while rural inflation was 21.08 per cent. On a monthly scale, rural areas experienced sharper price growth at 2.30 per cent, compared to 1.86 per cent in urban centres.
Core inflation, which excludes volatile agricultural products and energy costs, slowed to 21.33 per cent in July from 27.47 per cent in the same month of 2024. Month-on-month, it dropped to 0.97 per cent from 2.46 per cent in June, reflecting easing price pressures in non-food categories.
Among states, Borno recorded the highest annual headline inflation at 34.52 per cent, followed by Niger (27.18 per cent) and Benue (25.73 per cent). The lowest rates were in Yobe (11.43 per cent), Zamfara (12.75 per cent) and Katsina (15.64 per cent).
While the data confirm a continuing annual moderation in headline inflation, the steady month-on-month increases underscore the reality that the cost of living remains high for many Nigerians.
