Nigeria’s inflation rate for the month of July 2021 dropped to 17.38% compared to 17.75% recorded in June 2021.
The consumer price index, which measures the rate of inflation increased by 17.38% (year-on-year) in the review month.
According to the latest consumer price report released by the National Bureau of Statistics (NBS) on Tuesday, the inflation rate fell for the fourth consecutive month in July amid a decelerating increase in food prices,
“This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021,” NBS said.
The food inflation, which is a closely watched index declined to 21.03% compared to 21.83% recorded in the previous month, while core inflation stood at 13.73%, up by 0.63% compared to 13.09% recorded in the previous month.
This rise in the food index was caused by increases in prices of Milk, Cheese and Eggs, Coffee, Tea and Cocoa, Vegetables, Bread and Cereals, Soft drinks, and Meat.