FX.co ★ Nigeria Inflation Rate Moderates for 4th Month

In July 2025, Nigeria saw its annual inflation rate decrease for the fourth consecutive month, reaching 21.88%, the lowest point since January 2023. This decline from 22.22% in June is attributed to the stabilization of the currency and a reduction in gasoline prices. Conversely, food inflation, which comprises the largest portion of the inflation index, rose for the second month in a row to 22.74%, up from 21.97% the previous month. The core inflation rate, which excludes the volatile prices of agricultural goods and energy, eased to 21.30% in July, down from 22.76% in June. On a month-over-month basis, the Consumer Price Index (CPI) increased by 1.99% in July, following a 1.68% rise in the preceding month.