Nigeria’s Inflation Slows to 21.88% In July 2025 – NBS

Nigeria's inflation rate slowed to 21.88% in July 2025, marking the fourth consecutive monthly decline, according to the National Bureau of Statistics (NBS). The July figure represents a 0.42% decrease from the previous month and is 0.92% lower than the rate recorded in July 2024.

The NBS attributed the slowdown in annual inflation to seasonal harvest inflow and relative stability in the naira, which reduced fuel distribution costs. Food, beverage, restaurant, accommodation services, and transport were the top contributors to the Consumer Price Index (CPI) in July.

Economic analysts believe that the combination of the harvest season, the rollout of new vehicles, and a steady foreign exchange rate have helped ease price pressures. The recent petrol price cuts and expectations of cheaper distribution costs from the Dangote Refinery are also expected to moderate food inflation.