Nigeria’s headline inflation for July fell to 17.38 percent, representing a 0.37 per cent points when compared to 17.75 per cent recorded in June.
According to the National Bureau of Statistics (NBS) report on Tuesday, the food index fell by 0.80 basis point to 21.03 per cent from 21.83 per cent in June.
The Consumer Price Index (CPI) report stated that the decline in food index was due to increase in prices of milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, Soft drinks, and meat.
“The consumer price index, (CPI) which measures inflation increased by 17.38 percent (year-on-year) in July 2021. This is 0.37 percent points lower than the rate recorded in June 2021 (17.75) percent,” the NBS report said.
It added, “This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021.
“The urban inflation rate increased by 18.01 percent (year-on-year) in July 2021 from 18.35 percent recorded in June 2021, while the rural inflation rate increased by 16.75 percent in July 2021 from 17.16 percent in June 2021.
“On a month-on-month basis, the urban index rose by 0.98 percent in July 2021, down by 0.11 points against the rate recorded in June 2021 (1.09 percent), while the rural index also rose by 0.87 percent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 percent).”
On food inflation, the report stated, ”The composite food index rose by 21.03 percent in July 2021 compared to 21.83 percent in June 2021.
“This implies that food prices continued to rise in July 2021 but at a slower speed than it did in June 2021.”
