Nigeria’s headline inflation rate fell to 21.88 per cent in July 2025, down from 22.22 per cent recorded in June, according to the latest Consumer Price Index (CPI) report released on Friday by the National Bureau of Statistics (NBS).

The year-on-year figure represents a 11.52 percentage-point drop from the 33.40 per cent rate recorded in July 2024.

On a month-on-month basis, inflation stood at 1.99 per cent in July, 0.31 percentage points higher than the 1.68 per cent recorded in June—showing that while overall inflation eased, the pace of price increases during the month accelerated slightly.

The NBS report also showed that the average CPI for the 12 months ending July 2025 was 25.65 per cent, down by 5.11 percentage points from the 30.76 per cent recorded in the same period of 2024.

Food inflation declined to 22.74 per cent year-on-year, 16.79 percentage points lower than the 39.53 per cent recorded in July 2024. Core inflation—which excludes volatile agricultural products and energy—also dropped to 21.33 per cent, down from 27.47 per cent a year earlier.