NIGERIA’s inflation rate decreased to 21.88 percent in July from 22.22 per cent in June, mainly due to a drop in food prices, according to the National Bureau of Statistics (NBS).

The statistics office reported this in its latest consumer price index (CPI) report, released on Friday, August 15.

The monthly report showed that on a year-on-year basis, the headline inflation rate was 11.52 per cent lower than the 33.40 per cent rate recorded in July 2024.

“This 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,” NBS stated.

The NBS had at the beginning of the year changed the methodology for calculating the consumer price index (CPI) used to measure the inflation rate.

In January, the statistics office rebased the CPI to a 2024 base year from a 2009 base year.

In its latest report, NBS indicated that on a month-on-month basis, the headline inflation rose to 1.99 per cent in July, higher than the 1.68 per cent rate in June.

Food inflation dropped to 22.74 per cent on a year-on-year basis from 39.53 per cent in July 2024.

This significant decline in the annual food inflation figure was also technically due to the change in the base year.

“The decrease can be attributed to the rate of decrease in the average prices of vegetable oil, Blbean (white), rice local, maize flour, guinea corn (sorghum), wheat flour, millet whole grain, etc,” NBS stated.

A cursory look at the food inflation figure of 22.74 per cent in July showed that it rose compared to 21.97 per cent in June this year. The ICIR can spotlight.

While the July inflation signifies the third consecutive monthly decline in inflation, there are still worries that it has yet to correlate with the economic reality of rising food and commodity prices.

The disconnect has continued to be of concern to industrial watchers and economic experts.

“The disconnect is highly suspicious and distorted,” the Chief Executive Officer (CEO) of CFG Advisory, Tilewa Adebajo, told The ICIR earlier.

The ICIR recently, in a report, documented the unbearable outcry of farmers and traders on the high costs of food and commodities prices, which pose a challenge for many Nigerians and worsen their hardship.