Nigeria’s annual inflation rate decelerated for the fourth month to 21.88% in July 2025, the lowest level since January 2023, from 22.22% in June, helped by currency stability and a drop in gasoline prices. However, food inflation, the largest component of the inflation basket, accelerated for the second month to 22.74%, from 21.97% the month before. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed to 21.30% in July from 22.76% in June. On a monthly basis, the CPI rose by 1.99% in July, after increasing by 1.68% in the prior month.