Nigeria’s headline inflation rate eased to 21.88 percent in July 2025, down from 22.22 percent in June, according to the National Bureau of Statistics (NBS).

 

The figure, contained in the bureau’s Consumer Price Index (CPI) report released on Friday, marks the fourth consecutive monthly disinflation recorded this year.

 

The July figure represents a 0.34 percentage point decrease compared to the previous month. On a year-on-year basis, it was 11.52 percentage points lower than the 33.40 percent recorded in July 2024.

 

However, the report noted that price growth was faster on a month-to-month basis. The month-on-month headline inflation rate in July stood at 1.99 percent, 0.31 percentage points higher than the 1.68 percent recorded in June.

 

“This means that in July 2025, the rate of increase in the average price level was higher than in June 2025,” the NBS explained.

 

The statistics agency listed food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top contributors to the CPI in the review month.