NIGERIA’S inflation rate eased to 21.8% in July 2025, down from 22.22% in June, marking the country’s fourth consecutive monthly decline this year, according to the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report released today showed that headline inflation rose by 1.99% month-on-month in July, slightly higher than June’s 1.68%.
Core inflation, which excludes volatile agricultural and energy prices, stood at 21.33% year-on-year—a 6.13% drop from the 27.47% recorded in July 2024.
Food inflation was pegged at 22.74% year-on-year, while month-on-month food inflation eased to 3.12% from 3.25% in June.
The key drivers of inflation for the month included food and non-alcoholic beverages, restaurants and accommodation services, and transport.
While the latest figures signal some economic stability, critics say President Bola Tinubu’s reforms since May 2023 have worsened the cost of living, sparking protests such as the August 2024 #EndBadGovernance hunger demonstrations.
However, World Trade Organisation Director-General Dr. Ngozi Okonjo-Iweala commended the administration’s efforts during a meeting with Tinubu yesterday noting that stabilising the economy was a necessary foundation for growth.
She urged the government to now focus on expanding the economy and creating a social safety net to cushion the impact of reforms on struggling Nigerians.