Nigeria’s annual inflation rate eased to 21.88% in July 2025, down from 22.22% recorded in June, according to the latest figures released by the National Bureau of Statistics (NBS).
This marks the fourth consecutive month of decline, offering a sign of gradual stability in the country’s economy.
However, food prices — a key driver of inflation — continued to rise. Food inflation climbed to 22.74% in July, up from 21.97% in June, reflecting persistent pressure on households. On a month-to-month basis, headline inflation quickened to 1.99% in July, compared with 1.68% in June, showing that short-term price increases remain strong.
Meanwhile, the Central Bank of Nigeria (CBN) retained its benchmark interest rate at 27.50% for the third straight meeting. CBN Governor, Olayemi Cardoso, said the bank would maintain a cautious approach until inflationary pressures ease further.
Economic analysts say while the decline in headline inflation is positive, rising food costs and accelerating monthly inflation mean that Nigerians are still grappling with high living expenses.
