Nigeria’s headline inflation rate eased to 21.88% in July 2025, down from 22.22% in June, according to fresh data from the National Bureau of Statistics (NBS).

The latest Consumer Price Index (CPI) report, released on Friday, shows a 0.34 percentage point decline from June’s figure, marking the fourth consecutive month of disinflation this year. Compared to the same period last year, inflation was 11.52 percentage points lower than the 33.40% recorded in July 2024.

However, on a month-to-month basis, prices rose faster in July, with the inflation rate climbing to 1.99% from 1.68% in June.

The NBS identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the key contributors to the overall inflation trend.

Food inflation edged up to 22.74% in July from 21.97% in June, though it was significantly lower than the 39.53% recorded in July 2024 a drop the NBS partly attributed to a change in the base year for its calculations.

On a month-to-month basis, food prices rose by 3.12% in July, slightly slower than June’s 3.25% increase.

The moderation was linked to falling prices of vegetable oil, white beans, local rice, maize flour, guinea corn, wheat flour, and millet.

For the 12 months ending July 2025, average annual food inflation stood at 26.97%, down from 36.36% recorded in the corresponding period last year.