Nigeria’s Inflation Rate Declines to 21.88% in July — NBS

The National Bureau of Statistics (NBS) has reported a drop in Nigeria’s headline inflation rate to 21.88% in July 2025, down from 22.22% recorded in June.

This update, shared in the NBS Consumer Price Index (CPI) report released on Friday, marks the fourth consecutive month of slowing inflation in 2025.

According to the report, the July inflation rate reflects a 0.34 percentage point decline compared to June.

“Year-on-year, the headline inflation rate in July 2025 is 11.52 percentage points lower than the 33.40% recorded in July 2024,” the NBS stated.

Despite the annual decline, the bureau noted that prices increased more sharply on a monthly basis in July compared to June.

“On a month-on-month basis, headline inflation stood at 1.99% in July 2025 — up by 0.31 percentage points from the 1.68% recorded in June,” the report noted.

This indicates a faster rise in the average price level in July compared to the previous month.

The key drivers of inflation during the period were food and non-alcoholic beverages, restaurant and accommodation services, as well as transportation, according to the NBS.