JUST IN: Nigeria’s Inflation Drops To 17.38% In July, Says NBS

Nigeria’s inflation has improved for the fourth consecutive month to 17.38 per cent from the 17.75 per cent in June.

This was revealed on Tuesday by the National Bureau of Statistics.

The NBS said the fall in the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, was due to the improvement in food prices.

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

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

Although food prices moderated in July compared to June, NBS said the rise was due to increases in prices of Milk, Cheese and Eggs, Coffee, Tea and Cocoa, Vegetables, Bread and Cereals, Soft drinks, and Meat.

NBS revealed that food inflation on a year on year basis was highest in Kogi (28.51 per cent), Enugu (24.57 per cent), and Lagos (24.04 per cent).

On the flip side, Akwa Ibom recorded the slowest growth by 17.85 per cent, Bauchi (17.74 per cent) and Abuja grew at 16.67 per cent.

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