For Fourth Consecutive Time, Nigeria’s Inflation Rate Dips, Now 21.8%- NBS

For the fourth consecutive time in 2025, Nigeria’s headline inflation rate for July fell to 21.8 per cent as compared to June, which stood at 22.22 per cent, the National Bureau of Statistics (NBS) said on Friday.

The NBS announced the reduction in its Consumer Price Index (CPI) report, released on Friday, August 15, 2025.

This is the fourth disinflation recorded in 2025.

“Headline inflation rate in July 2025 was 1.99 per cent, which was 0.31 per cent higher than the rate recorded in June 2025 (1.68 per cent),” the report read.

Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 21.33 per cent in July 2025 on a year-on-year basis; a decline of 6.13 per cent when compared to the 27.47 per cent recorded in July 2024.

“The food inflation rate in July 2025 was 22.74 per cent on a year-on-year basis. On a month-on-month basis, the food inflation rate in July 2025 was 3.12 per cent, down by 0.14 per cent compared to June 2025 (3.25 per cent),” part of the report read.

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

“The significant decline in the annual food inflation figure is technically due to the change in the base year,” the bureau said.

“On a month-on-month basis, the Food inflation rate in July 2025 was 3.12%, down by 0.14% compared to June 2025 (3.25%).

“The decrease can be attributed to the rate of decrease in the average prices of Vegetable Oil, Bean (White), Rice Local, Maize Flour, Guinea Corn (Sorghum), Wheat Flour, Millet Whole grain, etc.