Nigeria’s headline inflation rate eased to 21.88% in July 2025, down from 22.22% recorded in June, according to the latest Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS).
The July figure reflects a 0.34% decline compared to the preceding month and marks the country’s lowest headline inflation rate in recent months.
The CPI rose to 125.9 points in July, up from 123.4 points in June, indicating a 2.5-point increase in the price index.
On a year-on-year basis, the July headline inflation rate was 11.52% lower than the 33.40% recorded in July 2024, largely due to a change in the base year (November 2009 = 100).
On a month-on-month basis, headline inflation stood at 1.99%, higher than the 1.68% recorded in June, indicating a faster increase in average prices.
Divisional Contributions to Inflation (YoY)
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Food & Non-Alcoholic Beverages: 8.75%
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Restaurants and Accommodation Services: 2.83%
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Transport: 2.33%
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Housing, Water, Electricity, Gas & Other Fuels: 1.84%
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Education Services: 1.36%
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Health: 1.33%
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Clothing and Footwear: 1.10%
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Information & Communication: 0.72%
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Personal Care & Miscellaneous Goods: 0.72%
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Furnishings & Household Equipment: 0.65%
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Insurance & Financial Services: 0.10%
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Alcoholic Beverages & Tobacco: 0.08%
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Recreation, Sport & Culture: 0.07%
The average CPI for the twelve months ending July 2025 stood at 25.65%, representing a 5.11% drop from 30.76% recorded in July 2024.
Urban Inflation
The urban inflation rate in July 2025 was 22.01% year-on-year, 13.76% lower than the 35.77% recorded in July 2024. Month-on-month, urban inflation declined to 1.86% from 2.11% in June.
The twelve-month average urban inflation rate stood at 27.04%, down from 32.89% in July 2024.
Food Inflation
Food inflation slowed to 22.74% year-on-year in July 2025, a 16.79% drop from 39.53% in July 2024, mainly due to the change in the base year.
Month-on-month, food inflation eased to 3.12% from 3.25% in June, driven by lower average prices of vegetable oil, white beans, local rice, maize flour, sorghum, wheat flour and millet.
The twelve-month average food inflation rate was 26.97%, down from 36.36% recorded in July 2024.
Core Inflation
Core inflation, which excludes volatile agricultural products and energy prices, stood at 21.33% year-on-year in July 2025, down from 27.47% in July 2024.
On a month-on-month basis, core inflation slowed sharply to 0.97% from 2.46% in June. The twelve-month average core inflation rate was 23.63%, slightly lower than 24.65% in July 2024.