Nigeria’s Inflation Dips to 21.8% — But Prices Still Climbing Month-to-Month

By: Oluwaseun Lawal

Good news? Nigeria’s headline inflation rate dropped to 21.88% in July 2025, down from 22.22% in June. That’s the fourth straight month of disinflation this year, according to the National Bureau of Statistics (NBS).

The NBS report, out Friday, says this July figure is 0.34% lower than June’s. And compared to last July? Inflation’s down a whopping 11.52% from 33.40%. So, year-on-year, things are easing up.

But hold on — it’s not all smooth sailing. On a month-to-month basis, prices actually grew faster in July than June. The monthly inflation rate hit 1.99% in July, up 0.31% from June’s 1.68%. So, prices are still creeping up, just at a slower pace overall.

What’s pushing prices up? Food and non-alcoholic drinks, restaurants and accommodation, plus transport costs were the biggest culprits last month.

So yeah, inflation’s easing, but everyday costs? Still on the rise.