Nigeria’s inflation rate falls to 17.38% in July – NBS

The National Bureau of Statistics (NBS) has declared that Nigeria’s inflation rate has fallen for the fourth time in the month of July despite the increase in food prices.

The National Bureau of Statistics said the prices of goods and services, measured by the Consumer Price Index (CPI), rose by 17.38%. That is lower than 17.75% documented in June.

According to the Bureau, this is the year-on-year change, which means that while prices continued to rise in July 2021 over July 2020, the pace of the increase was slower when compared to June 2021 versus June 2020. The fall between both months was 0.37 per cent or 37 basis points.

On a month-on-month basis, the headline index increased 0.93% in July, 0.13 percentage points higher than the rate recorded in June.

It said the composite food index rose by 21.03% in July 2021 compared to 21.83% in June 2021. This implies that food prices continued to rise in July 2021 but at a slower speed than they did in June 2021.

To them, this rise in the food index in June was caused by increase in the prices of milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, soft drinks and meat, amongst others.

It added that month-on-month basis, the food sub-index increased by 0.86% in July 2021, down by 0.25% points from 1.11% recorded in June 2021.

“The average annual rate of change of the Food sub-index for the twelve months, July 2020 over the previous twelve-month average was 20.16%, 0.44% points from the average annual rate of change recorded in June 2021 (19.72%).” it said