According to the report, the food inflation rate in July 2025 was 22.74 per cent on a year-on-year basis.
Nigeria’s annual inflation rate eased to 21.88 per cent in July from 22.22 per cent in June 2025, the National Bureau of Statistics (NBS) said on Friday.
The statistics office said the July 2025 headline inflation rate showed a decrease of 0.34 per cent compared to the June 2025 headline inflation rate.
Inflation indicators compare prices of goods and services in 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.
On a year-on-year basis, the bureau said the headline inflation rate was 11.52 per cent lower than the rate recorded in July 2024 (33.40 per cent).
This, it said, shows that the headline inflation rate (year-on-year basis) decreased in July 2025 compared to the same month in the preceding year (i.e., July 2024), though with a different base year, November 2009 = 100.
The NBS said on a month-on-month basis, the headline inflation rate in July 2025 was 1.99 per cent, which was 0.31 per cent higher than the rate recorded in June 2025 (1.68 per cent).
“This means that in July 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in June 2025,” the NBS said.
According to the report, the food inflation rate in July 2025 was 22.74 per cent on a year-on-year basis. This was 16.79 per cent points lower compared to the rate recorded in July 2024 (39.53 per cent).
The persistent price surge over the past two years has had devastating effects, with many farms and businesses forced to close, and agricultural producers scaling back output due to insecurity and unpredictable weather conditions in rural areas.
In response to the crisis, President Bola Tinubu declared a state of emergency on food insecurity in July 2023, aiming to combat rising food costs. However, despite this effort, food inflation continued to soar.
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