Nigeria’s annual inflation rate has experienced a notable drop, falling to 21.88 percent in July 2025 from 33.40 percent recorded in the same month last year, according to the National Bureau of Statistics (NBS).
The latest CPI data released Friday showed this is also the fourth consecutive monthly decline this year, following a June 2025 rate of 22.22 percent. The NBS said the 0.34% monthly decrease in July represents a continued easing of inflationary pressures.
Despite the year-on-year improvement, monthly figures reveal a different trend. “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%),” the NBS stated.
“This means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in June 2025,” the agency clarified.
The CPI data shows that food and non-alcoholic beverages remain the dominant contributors to inflation, followed closely by restaurants and accommodation services, and transport costs.