Nigeria’s inflation drops to 17.38% in July- NBS

Latest news about Nigeria's inflation by NBS

Inflation in Nigeria has decreased for the fourth month in a row, to 17.38% from 17.75% in June.
This was revealed by the National Bureau of Statistics on Tuesday.

The reduction in the Consumer Price Index (CPI), which monitors the rate of change in prices of goods and services, was attributed to an increase in food costs.

According to the Bureau, the composite food index fell 21.03% in July compared to 21.83% in June.

In May, food inflation was 22.28 per cent according to official data.

Although food costs rose in July compared to June, the increase was attributed to rises in the prices of milk, cheese, and eggs, coffee, tea, and cocoa, vegetables, bread and cereals, soft drinks, and meat, according to the National Bureau of Statistics.

Food inflation was highest in Kogi (28.51%), Enugu (24.57%), and Lagos (24.57%), according to the National Bureau of Statistics (24.04%).

On the other hand, Akwa Ibom grew the slowest, at 17.85%, followed by Bauchi (17.74%), and Abuja (16.67%).

“However, on a month-to-month basis, food inflation in July 2021 was highest in Kebbi (2.98 percent), Yobe (2.81), and Delta (1.98 percent), while price deflation or negative inflation was recorded in Sokoto, Akwa Ibom, and Imo (general decrease in the general price level of food or a negative food inflation rate),” according to the NBS.

leave a reply