The National Bureau of Statistics (NBS) has announced a decrease in Nigeria’s headline inflation rate, which fell to 21.88% in July 2025, down from 22.22% in June 2025. This represents a decline of 0.34% in the inflation rate from the previous month.
Food inflation for July 2025 was recorded at 22.74% on a year-on-year basis, a significant drop of 16.79 percentage points compared to the 39.53% seen in July 2024. This notable reduction in annual food inflation is largely attributed to changes in the base year used for calculations.
On a month-to-month comparison, the food inflation rate in July 2025 was 3.12%, which is a decrease of 0.14% from June 2025’s rate of 3.25%. The NBS has indicated that this decline is linked to lower average prices for various commodities, including vegetable oil, white beans, local rice, maize, flour, guinea corn, and wheat.
Furthermore, the headline inflation rate for July 2025 was 11.52% lower than the figure recorded in July 2024, which stood at 33.40%. The NBS noted that this indicates a year-on-year decrease in the headline inflation rate for July 2025 compared to the same month in the previous year, although it is based on a different reference point (November 2009 = 100).
In terms of month-on-month inflation, July 2025 saw a rate of 1.99%, which is an increase of 0.31% from June 2025’s rate of 1.68%. This indicates that the average price level experienced a higher rate of increase in July compared to June.
