Nigeria’s headline inflation rate dropped for the fourth straight month in July 2025, easing to 21.88 per cent from 22.22 per cent in June, according to new data released by the National Bureau of Statistics.
The latest Consumer Price Index (CPI) report published on Friday showed that July’s figure was 0.34 percentage points lower than the previous month and 11.52 percentage points below the 33.40 per cent recorded in July 2024.
The NBS report 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 statistics agency explained that the sharp year-on-year drop was partly due to the recent change in the CPI base year.
Despite the moderation, prices continued to rise in the short term. The month-on-month rate climbed to 1.99 per cent in July from 1.68 per cent in June, indicating that households are still facing sustained price pressures.
Food inflation slowed to 22.74 per cent in July 2025 from 39.53 per cent in the same month last year. On a monthly basis, food prices rose by 3.12 per cent, slightly lower than the 3.25 per cent recorded in June. The moderation was attributed to slower price increases in vegetable oil, local rice, maize flour, guinea corn, wheat flour and millet.
Urban rates stood at 22.01 per cent year-on-year, while rural inflation was 21.08 per cent. However, rural areas recorded sharper month-on-month increases at 2.30 per cent, compared to 1.86 per cent in urban areas.
Core inflation, which excludes volatile agricultural items and energy, dropped to 21.33 per cent in July from 27.47 per cent in July 2024. On a monthly basis, it fell to 0.97 per cent from 2.46 per cent in June, reflecting easing pressures in non-food categories.
At the state level, Borno (34.52 per cent), Niger (27.18 per cent) and Benue (25.73 per cent) recorded the highest annual headline rates, while Yobe (11.43 per cent), Zamfara (12.75 per cent) and Katsina (15.64 per cent) posted the lowest.
Although the figures confirmed a steady decline in annual inflation, the continued monthly increases highlighted that the cost of living remains high for many Nigerians.
