Shiktra Shalangwa
The National Bureau of Statistics, NBS, says that the Consumer Price Index, CPI, which measures inflation, rose to 125.9 in July 2025.
This reflects a 2.5-point increase from the 123.4 recorded in June 2025.
Despite the increase in the CPI, the year-on-year headline inflation rate eased to 21.88% in July 2025, compared to 22.22% recorded in June 2025.
The headline inflation rate in July 2025, on a month-on-month basis, was 1.99%, which is 0.31% higher than the rate recorded in June 2025 (1.68%).
This stipulates a moderate rise in the average price level between June and July 2025.
Urban and Rural Inflation
Urban inflation, on a year-on-year basis, stood at 22.01% in July 2025, down from 35.77% in July 2024.
Rural inflation stood at 21.08%, still lower than the 31.26% recorded in July 2024.
On a month-on-month basis, urban inflation was 1.86% (down from 2.11% in June), while rural inflation rose to 2.30% from 0.63% in the previous month.
The twelve-month average inflation rate for urban areas was 27.04%, while for rural areas, it was 23.84% in July 2025.
Food Inflation
Food inflation, a critical component of the overall CPI, slowed significantly in July 2025: Year-on-year food inflation was 22.74%, a drop of 16.79 percentage points from 39.53% in July 2024.
Month-on-month food inflation also declined slightly to 3.12%, compared to 3.25% in June 2025.
The average annual food inflation for the twelve months ending July 2025 was 26.97%, lower than the 36.36% recorded in the previous twelve months.
The slowdown in food inflation was largely driven by a decrease in the prices of key food items such as vegetable oil, beans (white), local rice, maize, flour, sorghum, wheat flour, and millet.
Core Inflation
The core inflation rate, which excludes volatile agricultural produce and energy, stood at 21.33% year-on-year in July 2025, down from 27.47% in July 2024.
On a month-on-month basis, the core inflation rate declined to 0.97%, compared to 2.46% recorded in June 2025.
State-by-State Analysis
Borno State recorded the highest year-on-year food inflation at 55.56%, followed by Osun (29.10%) and Ebonyi (29.06%).
States with the lowest food inflation were Katsina (6.61%), Adamawa (9.90%), and Zamfara (14.72%).
On a month-on-month basis, food inflation was highest in Borno (10.89%), Kano (10.86%), and Sokoto (7.43%), while the lowest rates were recorded in Bauchi (0.26%), Katsina (0.30%), and Anambra (0.37%).
In terms of all-items inflation, Borno (34.52%), Niger (27.18%), and Benue (25.73%) recorded the highest year-on-year rates, while Yobe (11.43%), Zamfara (12.75%), and Katsina (15.64%) recorded the slowest rises.
The NBS restated that inflation statistics are derived from detailed data collection and analysis across all 36 states and the FCT. It also said the figures reflect Nigeria’s continued efforts to stabilize the economy amid evolving global and local dynamics.