By Chioma Iruke
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rates has again dropped for the fourth consecutive month in July.
According to the statistics body’s latest consumer price report, released on Tuesday, July inflation rate was 17.38 percent, compared to 17.75 percent in June 2021.
This is 0.37 per cent or 37 basis points lower than the rate recorded in June 2021 at 17.75.
“This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021,” NBS said.
On a month-on-month (that is from June to July) basis, the headline index increased by 0.93 per cent in July 2021. This is 0.13 percentage points higher than the rate recorded in June 2021 (1.06per cent).
Food index the closely watched, 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.
On a month-on-month basis, the headline index increased by 0.93 percent in July 2021. This is 0.13 percentage points higher than the rate recorded in June 2021 (1.06per cent).
It said 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.
