Connect with us

Business

JUST IN: Nigeria’s Inflation rate falls again to 17.38% in July

Published

on

The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate 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 recorded in June 2021.

This represents a 0.37% decline in the rate of inflation compared to the previous month.

“July inflation rate implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021,” NBS said.
Meaning Nigeria harsh situation is gradually tricked down from the previous month.

Also on month-on-month basis, the headline index increased by 0.93% in July 2021, and this is 0.13% points lower than the rate recorded in June 2021 (1.06%).

Food inflation, which is a closely watched index declined to 21.03% compared to 21.83% recorded in the previous month.

On 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.

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.

READ ALSO: Inflation, power, weak Naira push manufacturing cost up by 30% in H1, 21

On states profile

According to NBS on year to year Kogi state recorded the highest inflation rate at (22.49%), followed by Bauchi (22.04%) and Kaduna (20.42%).
While Akwa Ibom and River (15.78%), Delta (15.40%) and Kwara (14.53%) recorded the slowest rise in year on Year inflation.

On month on month basis, however, July 2021 all items inflation was highest in Kebbi (2.27%), Yobe (2.19%), and Bauchi (2.03%), while Ebonyi, Akwa Ibom and Bayelsa recorded a decrease.

State profile on food inflation shows in July 2021, food residents of Kogi state recorded the highest inflation change of (28.51%), Enugu (24.57%) and Lagos (24.04%).

While Akwa Ibom (17.85%), Bauchi (17.74%) and Abuja (16.67%) recorded the slowest rise in year on year inflation.

On month on month changes food inflation was highest in Kebbi (2.98%), Yobe (2.81) and Delta (1.98%)

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations