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The National Bureau of Statistics (NBS) has announced a decrease in Nigeria’s headline inflation rate to 21.88% in July 2025, down from 22.22% in June. This marks the fourth disinflation recorded in 2025.
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According to the NBS’s consumer price index (CPI) report, the July 2025 headline inflation rate showed a “decrease of 0.34% compared to the June 2025 headline inflation rate”. 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, “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%).” This indicates that the rate of increase in the average price level was higher than the rate of increase in June 2025
The statistics body identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top contributors to the consumer prices index (CPI). The food inflation rate in July 2025 was 22.74% on a year-on-year basis, down by 16.79% compared to the rate recorded in July 2024 (39.53%).
The NBS attributed the decrease in the food inflation rate to the rate of decrease in the average prices of certain food items, saying, “The decrease can be attributed to the rate of decrease in the average prices of vegetable oil, beans (white), local rice, maize flour, guinea corn (sorghum), wheat flour, millet whole grain, etc.”
The average annual rate of food inflation for the twelve months ending July 2025 was 26.97%, which was 9.39% points lower compared to the average annual rate of change recorded in July 2024 (36.36%).
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Jonathan Nwokpor
