Nigeria’s inflation down to 21.88% in July 2025, from 22.22% in June

The National Bureau of Statistics (NBS) has reported that the headline inflation rate eased to 21.88% in July 2025 compared to the June 2025 headline inflation rate of 22.22%. This figure represents the fourth disinflation recorded in 2025.

According to the report released by the NBS, the July 2025 headline inflation rate showed a decrease of 0.34% compared to the June 2025 rate. Also, the Consumer Price Index (CPI) rose to 125.9 in July 2025, a 2.5 point increase from the 123.4 of June 2025.

On a year-on-year (YoY) basis, the report shows that the headline inflation rate was 11.52% lower than the 33.40% experienced in July 2024. The figures reveal the slowing down of economic pressure on households across Nigeria, with hopes of a decrease in the costs of goods and services.

However, the month-on-month (MoM) basis shows that the inflation rate in July 2025 was 1.99%, 0.31% higher than the 1.68% recorded in June 2025. This means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in June 2025.

A broad look at the inflation rate for 2025 shows an improving economy, as the July 2025 rate represents the fourth disinflation of the year. February saw a decrease to 23.18% from 24.48% in January, then increased to 24.23% in March. The rate has continued to drop from that month till now: April (23.71%), May (22.97%), June (22.22%) and July (21.88%).

The data also revealed that the food inflation rate in July 2025 was 22.74% on a YoY basis. This represents a 16.79% point lower compared to the 39.53% recorded in July 2024. According to NBS, the significant decline in the annual rate is technically due to the change in the base year. 

On a month-on-month basis, the rate in July 2025 was 3.12%, a 0.14% decrease compared to 3.25% in June 2025. The decrease in the MoM rate is attributed to a drop in the average prices of Vegetable Oil, Bean (White), Rice Local, Maize Flour, Guinea Corn (Sorghum), Wheat Flour, Millet, Whole grain, etc.

Furthermore, the report shows that the average annual rate of food inflation for the twelve months ending July 2025 over the previous twelve-month average was 26.97%. This is 9.39% points lower compared to the average annual rate of change of 36.36% recorded in July 2024.

Also Read: Nigeria’s food inflation hits 21.97% in June 2025, NBS reports.

Inflation in July 2025: regional and state level 

The NBS report shows that the urban inflation rate was 22.01% in July 2025, 13.76% points lower than the 35.77% recorded a year ago. Also for the MoM basis, the rate was 1.86% in July 2025, a 0.25% decrease from  June’s 2.11 %. 

In rural areas, the rate for July 2025 was 21.08% on a YoY basis. This was 10.17% points lower compared to the 31.26% recorded in July 2024. However, on a month-on-month basis, the rate in July 2025 was 2.30%, up by 1.67% compared to 0.63% in June 2025. 

In July 2025 inflation rate across the state level, Borno (34.52%), Niger (27.18%), and Benue (25.73%) recorded the highest rise on a YoY basis. Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) recorded the lowest rise.  

Across the MoM changes, Borno (6.11%), Zamfara (5.72%), and Kano (4.31%) saw the highest increase. States with the slowest rise are Bauchi (0.26%), Katsina (0.30%), and Anambra (0.37%).

On food inflation in July 2025, Borno (55.56%), Osun (29.10%), and Ebonyi (29.06%) recorded the highest on a YoY basis, while Katsina (6.61%), Adamawa (9.90%), and Zamfara (14.72%) recorded the slowest rise. For the MoM changes, the rate was highest in Borno (10.89%), Kano (10.86%), and Sokoto (7.43%), while Zamfara (-6.00%), Bauchi (-2.18%) and Abia (-1.06%) saw a decline.