Food inflation stood at 22.74% year-on-year, down from 39.53% in July 2024, with monthly food prices rising 3.12%.
Nigeria’s headline inflation rate eased for the fourth consecutive month in July 2025, dropping to 21.88% from 22.22% in June, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).
The figure represents a 0.34 percentage point slowdown compared to the previous month and a sharp 11.52 percentage point decline from the 33.40% recorded in July 2024. The NBS attributed part of the sharp year-on-year drop to the change in the CPI base year.
On a month-to-month basis, however, inflation picked up slightly, with prices rising by 1.99% in July compared to 1.68% in June, indicating that while annual inflation is slowing, short-term price pressures persist.
Food inflation stood at 22.74% year-on-year, down from 39.53% in July 2024, with monthly food prices rising 3.12%. Urban inflation was recorded at 22.01%, while rural inflation stood at 21.08%.
The NBS also released a breakdown of the ten states with the steepest annual increases in living costs.
Leading the list is Borno, with an alarming 34.5% headline inflation and food inflation of 55.6%.
Niger followed with 27.2%,
Benue (25.7%),
Kano (25.1%),
Taraba (24.9%)
Oyo (24.6%),
Abuja FCT (24.2%),
Osun (24.1%),
Nasarawa (24.0%),
Kaduna (23.6%).
“The easing of annual inflation offers cautious optimism, but the persistence of high food and energy costs means Nigerians are still under pressure,” warned the Centre for the Promotion of Private Enterprise (CPPE).