August 18, 2025/CSL Research

• In line with our expectations of a sustained disinflationary trend, the latest data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation fell for the fourth consecutive month, easing to 21.9% year-on-year (y/y) in July (CSL Forecast: 21.5%), compared to 22.2% y/y recorded in June.
• The slowdown was primarily supported by a decline in core inflation, which eased to 21.3% y/y in July from 22.8% in June. Meanwhile, there was an uptick in food inflation, which climbed to 22.7% y/y from 22.0% in the prior month.
• On a month-on-month basis, headline inflation inched up by 31 basis points (bps) to 2.0%, while both food and core inflation moderated, slipping by 14bps and 149bps respectively to 3.1% and 1.0%.
• In terms of major contributors to the headline inflation, the food and non-alcoholic beverages category accounted for approximately 8.8% of the overall CPI increase in July, while restaurants and accommodation services as well as transport contributed around 2.8% and 2.3%, respectively.

Kindly click on the link below to download the full report.

​​​CSL Macro Report – July 2025 Inflation.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​