• Inflation slowed for the third straight month, dropping from 23.71% in April to 21.88% in July.
• Food inflation fell sharply year-on-year, from 39.53% to 22.74%.
• Government wage hikes and tax suspensions on key staples helped curb price pressures.

Nigeria has recorded a steady fall in inflation since April 2025, when the rate peaked at 23.71%. By July, inflation eased to 21.88%, down from 22.22% in June, according to the National Bureau of Statistics (NBS).

In July 2025, the Headline inflation rate eased to 21.88% relative to the June 2025 headline inflation rate of 22.22%.

On a month-on-month basis, the Headline inflation rate in July 2025 was 1.99%, which was 0.31% higher than the rate recorded in June 2025 (1.68%).

The Food… pic.twitter.com/5M9WA2MrcL

— NBS Nigeria (@NBS_Nigeria) August 15, 2025

The slowdown reflected a moderate decline across major spending items. Food and non-alcoholic beverages, which take the largest share of household budgets, edged down from 8.89% in June to 8.75% in July. Restaurants and accommodation slipped to 2.83% from 2.87%, while transportation costs decreased slightly to 2.33% from 2.37%.

Food inflation fell sharply year-on-year, reaching 22.74% in July compared with 39.53% in the same month of 2024. The improvement comes as President Bola Tinubu’s administration rolled out measures to ease pressure on households.

The measures include a 25% to 35% salary increase for civil servants in April 2024 and the suspension of import taxes on staples such as cowpeas, corn, husked rice, and wheat to ease consumer costs.

Inflation, which peaked at 23.71% in April 2025, has since trended downward. But the Central Bank has not cut its key interest rate since November 2024, signaling a cautious approach to inflation risks.

This article was initially published in French by Ingrid Haffiny (intern)

Edited in English by Ange Jason Quenum