Nigeria’s headline inflation rate slowed for the fourth month in a row in July 2025, dropping to 21.88% from the 22.22% recorded in June, according to the latest figures from the National Bureau of Statistics (NBS).
The NBS, in its Consumer Price Index (CPI) report released on Friday, noted that July’s figure was 0.34 percentage points lower than June’s reading and 11.52 percentage points below the 33.40% posted in July 2024.
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The 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.”
According to the statistics agency, part of the significant year-on-year decline can be linked to a recent adjustment in the CPI base year.
While annual inflation has been slowing, short-term price pressures remain. On a month-on-month basis, inflation rose to 1.99% in July from 1.68% in June, indicating that many households are still dealing with higher living costs.
Food inflation dropped to 22.74% year-on-year in July, compared to 39.53% in the same month last year. On a monthly basis, food prices increased by 3.12%, slightly down from the 3.25% growth seen in June.
This moderation was mainly due to smaller price hikes in items such as vegetable oil, local rice, maize flour, guinea corn, wheat flour, and millet.
Urban inflation stood at 22.01% year-on-year, while rural inflation was 21.08%. However, on a monthly scale, rural communities experienced a sharper increase of 2.30% compared to 1.86% in urban centres.
Core inflation, which excludes volatile food and energy prices, eased to 21.33% in July from 27.47% a year earlier. On a monthly basis, it fell to 0.97% from 2.46% in June, signalling a slowdown in price growth for non-food goods and services.
Across states, Borno (34.52%), Niger (27.18%), and Benue (25.73%) recorded the highest annual headline inflation rates.
In contrast, Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) posted the lowest rates.
The figures highlight a continuing trend of annual inflation moderation, but the persistent monthly increases underscore the fact that the cost of living remains a pressing challenge for many Nigerians.
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