From Victor Osula, Abuja
Nigeria’s headline inflation eased for the fourth consecutive month in July 2025, dropping to 21.88 per cent from 22.22 per cent in June, according to the Consumer Price Index report released Friday by the National Bureau of Statistics (NBS).
The July figure represents a 0.34 percentage point decrease from the previous month and is 11.52 percentage points lower than the 33.40 per cent recorded in July 2024.
On a month-on-month basis, inflation stood at 1.99 per cent in July, up from 1.68 per cent in June, indicating a faster rise in average prices compared to the previous month.
The NBS attributed the slowdown in annual inflation to seasonal harvest inflows, relative stability in the naira, and reduced fuel distribution costs.
It listed food and non-alcoholic beverages, restaurants and accommodation services, and transport as the top contributors to the CPI in the review month.
Economic analysts say the combination of harvest season gains, the rollout of gas-powered vehicles, and a steady foreign exchange rate is helping to ease price pressures.
“When you put all of this together, there is a downward trend that will most likely be reflected in the inflation number,” said Dumebi Oluwole, Senior Manager at Financial Derivatives Company, in an interview with Channels Television.
Nigeria’s bumper harvest periods typically soften food prices, especially when transport and logistics costs are contained.
Recent petrol price cuts by Dangote Refinery, from N880 to N840 per litre on July 1, and further to N820 on August 12, are also expected to make distribution cheaper.
Oluwole added that lower logistics costs could help moderate food inflation, which remains elevated despite the overall slowdown in headline inflation
