Nigeria’s Inflation Rate Falls To 21.88% In July – NBS

Nigeria’s inflation rate has eased for the fourth straight month, dropping to 21.88% in July 2025 from 22.22% in June, according to new data from the National Bureau of Statistics (NBS).

The Consumer Price Index (CPI) report released on Friday showed that July’s figure was 0.34 percentage points lower than June’s rate and significantly below the 33.40% recorded in July 2024.

The NBS stated:

“The Consumer Price Index rose to 125.9 in July 2025, up from 123.4 in June. The Headline inflation rate eased to 21.88% compared to 22.22% in June, reflecting a decrease of 0.34 percentage points.”

The bureau explained that the sharp year-on-year decline partly reflects the recent adjustment in the CPI base year.

Despite the slowdown in annual inflation, short-term pressures remain. Month-on-month inflation rose to 1.99% in July from 1.68% in June, indicating that households are still facing higher costs.

Food inflation was reported at 22.74% year-on-year, a steep fall compared to 39.53% in July 2024. On a monthly basis, food prices rose by 3.12%, slightly less than June’s 3.25%. The moderation was driven by slower price increases in items such as vegetable oil, rice, maize flour, guinea corn, wheat flour, and millet.

Urban inflation stood at 22.01% year-on-year, while rural inflation was slightly lower at 21.08%. However, rural communities experienced sharper monthly increases at 2.30% compared to 1.86% in urban areas.

Core inflation, which strips out food and energy, eased to 21.33% in July from 27.47% a year earlier. On a monthly basis, it fell to 0.97% from 2.46% in June, reflecting reduced pressures in non-food categories.

At the state level, Borno (34.52%), Niger (27.18%), and Benue (25.73%) recorded the highest inflation rates, while Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) posted the lowest.

While the figures confirm a steady decline in annual inflation, the continued rise in monthly prices highlights that the cost of living remains a challenge for many Nigerians.