Nigeria’s headline inflation rate eased to 21.88 percent in July 2025, down from 22.22 percent recorded in June, according to the latest Consumer Price Index (CPI) report.
According to the National Bureau of Statistics (NBS) , the CPI rose to 125.9 points in July, a 2.5-point increase from 123.4 in June. Month-on-month, headline inflation stood at 1.99 percent in July, 0.31 percentage points higher than June’s 1.68 percent, indicating a faster rise in average prices compared to the previous month.
On a year-on-year basis, headline inflation was 11.52 percentage points lower than the 33.40 percent recorded in July 2024. The NBS attributed the sharp decline partly to a change in the base year used for calculations.
Urban and Rural Inflation
Urban inflation in July 2025 was 22.01 percent year-on-year, down from 35.77 percent in July 2024. On a monthly basis, urban inflation slowed to 1.86 percent, compared to 2.11 percent in June. The 12-month average urban inflation rate dropped to 27.04 percent from 32.89 percent a year earlier.
Rural inflation stood at 21.08 percent year-on-year, compared to 31.26 percent in July 2024. However, monthly rural inflation rose sharply to 2.30 percent in July from 0.63 percent in June, suggesting price pressures were more pronounced in rural areas. The 12-month average rural inflation rate fell to 23.84 percent from 28.86 percent in the same period last year.
Food Inflation
Food inflation eased to 22.74 percent year-on-year in July from 39.53 percent in the same month last year, also influenced by the base year change. On a monthly basis, food inflation slowed to 3.12 percent from 3.25 percent in June. The NBS said the moderation was due to declining prices of items such as vegetable oil, white beans, local rice, maize flour, guinea corn, wheat flour, and millet.
The 12-month average food inflation rate stood at 26.97 percent in July, down from 36.36 percent a year earlier.
Core Inflation
Core inflation, which excludes volatile agricultural and energy prices, dropped to 21.33 percent year-on-year in July from 27.47 percent in July 2024. Month-on-month, core inflation fell sharply to 0.97 percent in July from 2.46 percent in June. The average 12-month core inflation rate stood at 23.63 percent, slightly lower than 24.65 percent recorded a year earlier.
