Nigeria’s inflation rate drops to 21.8% in July
National Bureau of Statistics NBS
Abdullateef Fowewe
The National Bureau of Statistics (NBS), has reported that the country’s headline inflation rate decreased to 21.88 per cent in July, down from 22.22 percent in June.
The NBS disclosed this decline in its consumer price index (CPI) report, which was released on Friday.
This marks the fourth instance of disinflation recorded in 2025.
The report indicated that the July 2025 headline inflation rate reflects a “decrease of 0.34% when compared to the June 2025 headline inflation rate.
The report states, “On a year-on-year basis, the Headline inflation rate was 11.52% lower than the rate recorded in July 2024 (33.40%).
“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%).
“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 NBS also said food and non-alcoholic beverages, restaurants and accommodation services, and transport were the top contributors to the consumer prices index (CPI).
The NBS noted that the food inflation rate in July 2025 was 22.74 percent on a year-on-year basis — up from 21.97 percent.
This, NBS said, was 16.79 per cent lower compared to the rate recorded in July 2024 (39.53 per cent).
“The significant decline in the annual food inflation figure is technically due to the change in the base year,” the bureau said.
“On a month-on-month basis, the Food inflation rate in July 2025 was 3.12%, down by 0.14% compared to June 2025 (3.25%).
“The decrease can be attributed to the rate of decrease in the average prices of Vegetable Oil, Bean (White), Rice Local, Maize Flour, Guinea Corn (Sorghum), Wheat Flour, Millet Whole grain, etc,” it added.
The report said the average annual rate of food inflation for the twelve months ending July 2025 over the previous twelve-month average was “26.97%, which was 9.39% points lower compared to the average annual rate of change recorded in July 2024 (36.36%)”.
