INFLATION: Food prices remain high despite decline in inflation – CPPE

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The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern that food prices continue to rise despite the fourth consecutive decline in Nigeria’s headline inflation in July 2025. According to the National Bureau of Statistics, the country’s inflation rate fell to 21.88% in July from 22.22% in June.

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CPPE Director Muda Yusuf noted that while the decline in inflation reflects a gradually stabilising macroeconomic environment, supported by exchange rate stability and improved investor confidence, “pressures persist” on the Nigerian economy. “The July 2025 inflation report provides a basis for cautious optimism,” the statement read. “While progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.”

The economic think tank emphasised the need for a coordinated mix of monetary, fiscal, and structural interventions to consolidate recent progress and steer the economy towards sustained stability. CPPE also urged the Central Bank of Nigeria’s Monetary Policy Committee to deploy more creative measures to manage liquidity in the economy beyond conventional tightening tools such as interest rates and cash reserve ratios.

“A coordinated mix of monetary, fiscal, and structural interventions will be required to consolidate recent gains and steer the economy towards sustained stability,” the statement added, highlighting the need for a comprehensive approach to address the country’s economic challenge

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