Nigeria’s headline inflation eased for the fourth straight month in July, dropping to 21.8% from 22.22% in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.
The report noted that July’s month-on-month headline inflation rate stood at 1.99%, 0.31 percentage points higher than the 1.68% recorded in June.
Core inflation — which excludes volatile agricultural produce and energy prices — dropped to 21.33% in July 2025 from 27.47% in July 2024, reflecting a 6.13% year-on-year decline.
Food inflation, a key driver of household spending pressures, was recorded at 22.74% year-on-year in July. On a month-on-month basis, it slowed slightly to 3.12%, down from 3.25% in June.
According to the NBS, the biggest contributors to July’s CPI were food and non-alcoholic beverages, restaurants and accommodation services, and transport.
Economists say the sustained decline in headline inflation could signal a gradual easing of price pressures, though food costs remain stubbornly high.
