In July 2025, Nigeria’s headline inflation rate decreased for the fourth consecutive month, from 22.22 percent in June to 21.88 percent in July, according to data from the National Bureau of Statistics (NBS).
The July rate was 0.34 percentage points lower than the previous month and 11.52 percentage points lower than the 33.40 percent rate in July 2024, according to the most recent Consumer Price Index report, which was made public on Friday.
According to the NBS report available to BrandSpur Nigeria news desk, in July 2025, the Consumer Price Index increased by 2.5 points to 125.9 from the previous month (123.4). After reaching 22.22 percent in June 2025, the headline inflation rate decreased to 21.88 percent in July 2025.
The report partly reads: “Looking at the movement, the July 2025 Headline inflation rate showed a decrease of 0.34 per cent compared to the June 2025 Headline inflation rate.”
The significant year-on-year decline, according to the statistics office, was partially caused by the recent shift in the CPI base year. Short-term price increases persisted despite the slowdown in the annual rate; the month-over-month inflation rate increased from 1.68 percent in June to 1.99 percent in July, indicating that households are still subject to ongoing price pressures.
In July, food inflation was 22.74 percent year over year, down from 39.53 percent in the same month the previous year. Food prices increased 3.12% monthly, which was marginally less than the 3.25% increase in June. Slower price increases for vegetable oil, local rice, maize flour, guinea corn, wheat flour, and millet were the main causes of the moderation. Inflation was 21.08 percent in rural areas and 22.01% in urban areas on an annual basis.
However, monthly price increases in rural areas were more pronounced at 2.30 percent, while those in urban areas were 1.86 percent. Core inflation, which does not include energy and volatile agricultural products, decreased from 27.47 percent in July the previous year to 21.33 percent in July. As a result of lessening price pressures in non-food categories, it decreased month over month from 2.46 percent in June to 0.97 percent.
Yobe (11.43 percent), Zamfara (12.75 percent), and Katsina (15.64 percent) had the lowest annual headline inflation rates at the state level, while Borno, Niger, and Benue had the highest at 34.52 percent, 27.18 percent, and 25.73 percent, respectively.
Even though the data shows that headline inflation has been declining annually, the ongoing monthly increases highlight the fact that many Nigerians still face high living expenses.
