The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate decreased to 21.88% in July 2025, down from 22.22% in June. This marks the fourth consecutive decline in inflation this year.

According to the NBS’s Consumer Price Index (CPI) report, the July figure represents a reduction of 0.34% compared to the previous month. Year-on-year, the inflation rate is 11.52% lower than the 33.40% recorded in July 2024.

However, on a month-to-month basis, the rate of price growth accelerated. The report indicated that the headline inflation rate for July was 1.99%, which is higher than the 1.68% recorded in June.

The NBS noted that the main contributors to the CPI in July included food and non-alcoholic beverages, restaurants and accommodation services, and transport.