Nigeria inflation rate July 2025 drops to 21.88% from 22.22% in June, marking four months of disinflation, says NBS in latest CPI report

Nigeria Inflation Rate July 2025 declined for the fourth consecutive month, falling to 21.88% from 22.22% recorded in June, according to the latest Consumer Price Index (CPI) report released Friday by the National Bureau of Statistics (NBS).

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The 0.34 percentage point drop signals a continued disinflation trend this year, offering a slight reprieve amid ongoing economic pressures.

“On a year-on-year basis, the headline inflation rate was 11.52% lower than the rate recorded in July 2024 (33.40%),” the NBS stated.

However, while the annual rate shows improvement, the month-on-month figures tell a different story. Prices increased at a faster pace in July than in June.

“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 report noted.

This suggests that although overall inflation is slowing, short-term cost pressures—particularly in food and services—are still on the rise.

The NBS highlighted the main contributors to the CPI for July as:

• Food and non-alcoholic beverages
• Restaurants and accommodation services
• Transport

These sectors continue to exert upward pressure on consumer prices, particularly for low-income households.

Despite the drop in headline inflation, many Nigerians remain concerned about persistent high prices in essential goods and services.

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This report provides mixed signals for policymakers: while long-term inflation appears to be stabilizing, short-term price acceleration** may require renewed fiscal and monetary attention.