Nigeria’s inflation rate drops to 21.88% in July, lowest in over a year

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

The data, released Friday in the bureau’s Consumer Price Index (CPI) report, marks the fourth consecutive month of disinflation this year.

The July figure reflects a 0.34 percentage point drop from June’s rate and is 11.52 percentage points lower than the 33.40% recorded in July 2024.

Despite the year-on-year slowdown, the NBS noted that prices rose at a quicker pace compared to the previous month. On a month-to-month basis, the inflation rate in July stood at 1.99%, up from 1.68% in June — a 0.31 percentage point increase.

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

Food and non-alcoholic beverages, restaurants and accommodation services, and transport remained the largest contributors to the CPI during the month under review.