Nigeria’s Inflation Drops for Fourth Month in a Row

Nigeria’s headline inflation rate continued its downward trend in July 2025, falling to 21.8 per cent from 22.22 per cent recorded in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.

This marks the fourth consecutive month of inflation decline in the country this year. However, the CPI report noted a slight increase in month-on-month figures. “Headline inflation rate in July 2025 was 1.99 per cent, which was 0.31 per cent higher than the rate recorded in June 2025 (1.68 per cent),” the NBS stated.

On food prices, the report indicated a slowdown in growth. “The food inflation rate in July 2025 was 22.74 per cent on a year-on-year basis. On a month-on-month basis, the food inflation rate in July 2025 was 3.12 per cent, down by 0.14 per cent compared to June 2025 (3.25 per cent),” it added.

Core inflation, which excludes volatile agricultural products and energy, stood at 21.33 per cent in July 2025 — a notable drop from 27.47 per cent in July 2024.

The NBS highlighted that food and non-alcoholic beverages, restaurants and accommodation services, and transport were the largest contributors to the CPI for the month under review.