Nigeria’s inflation rate drops to 21.88% in July — NBS

The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate dropped to 21.88 percent in July 2025 from 22.22 percent in June, marking the fourth straight month of decline this year.

The figure was contained in the bureau’s Consumer Price Index (CPI) report released on Friday. According to the NBS, the July figure represents a 0.34 percent decrease compared to June’s rate.

On a year-on-year basis, the July inflation rate was 11.52 percent lower than the 33.40 percent recorded in July 2024.

However, the agency noted that prices rose faster in July compared to the previous month.

“On a month-on-month basis, the headline inflation rate in July 2025 was 1.99%, which was 0.31% higher than the 1.68% recorded in June 2025.

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

The NBS identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top contributors to the CPI in the month under review.