Highlights

Nigeria’s Headline Inflation eased for the fourth consecutive month in July 2025, dropping to 21.88% from 22.22% recorded in June 2025. This mirrored the year-on-year decline in the major components – Food Inflation and Core Inflation. However, on a month-on-month basis, Headline Inflation rose to 1.99% in July, up from 1.68% in June 2025, largely driven by renewed pressure on energy products (July 2025: 2.75% vs June 2025: -11.04%).

Outlook

Headline inflation is projected to maintain its disinflationary path into August 2025, extending the trend of four consecutive months of moderation. This outlook is supported by favorable supply-side dynamics. Improved rainfall during the growing season which drives stronger agricultural output and is expected to ease food price pressures in the coming months. In addition, the continued decline in energy prices, underpinned by consistent supply from the Dangote Refinery, has helped stabilise domestic fuel costs and reduce transportation-related inflationary pressures.

Click here, “July 2025 – Headline Inflation Cools, as Disinflation Continues”, to view the full report.