ABUJA — Nigeria’s headline inflation rate eased to 21.88 percent in July 2025, down from 22.22 percent recorded in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.
The figure marks the fourth consecutive disinflation recorded this year, with the July drop representing a 0.34 percentage point decrease from the previous month’s rate.
On a year-on-year basis, inflation was 11.52 percentage points lower than the 33.40 percent recorded in July 2024 — a significant moderation that signals a gradual cooling of price pressures.
However, the NBS cautioned that while the annual rate slowed, price increases accelerated on a monthly basis.
“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 report stated, indicating that the pace of price growth was faster in July than in June.
The agency identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top drivers of inflation during the month under review.
Analysts say the latest figures suggest that while Nigeria is seeing a steady decline in annual inflation, short-term price pressures — particularly from essential goods and services — remain a concern.
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