According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate drop from 22.22% in June to 21.88% in July 2025. This represents a 0.34% monthly decrease, but prices are still rising, just more slowly.
Inflation fell 11.52 percentage points year over year from 33.40% in July 2024, in part because of a shift in the base year.
However, inflation increased from 1.68% in June to 1.99% in July on a monthly basis. While food inflation decreased month-over-month to 3.12% from 3.25%, it was still 22.74% in July 2025, down from 39.53% a year earlier.
The NBS ascribed the moderation to decreased costs for millet, rice, beans, maize flour, and vegetable oil.
Borno (55.56%), Osun (29.10%), and Ebonyi (29.06%) had the highest food inflation rates by state, while Katsina (6.61%), Adamawa (9.90%), and Zamfara (14.72%) had the slowest increases.
Despite government initiatives, such as the July 2023 declaration of a state of emergency on food insecurity, households are still burdened by high inflation, and the supply of food is impacted by insecurity and bad weather.
The average annual inflation rate was 25.65%, which was less than 30.76% in July 2024, and the Consumer Price Index (CPI) increased to 125.9 in July from 123.4 in June.
