Nigeria's inflation narrative in 2025 presents a tale of cautious optimism tempered by persistent structural vulnerabilities. The latest data from the National Bureau of Statistics reveals that headline inflation moderated to 21.88% year-on-year in July 2025, marking the fourth consecutive month of disinflation and representing a significant 9.38 percentage point decline from the 31.26% recorded in July 2024. While this trajectory offers welcome relief to an economy long besieged by soaring prices, the underlying dynamics suggest that Nigeria's journey toward price stability remains fraught with formidable challenges.