Nigeria’s inflation rate for the month of July 2021 dropped to 17.38% from 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 Index (CPI) report released by the National Bureau of Statistics (NBS).
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.
The inflation rate in Nigeria declined to 17.75% in June 2021 from 17.93 recorded in May even as food inflation rate came down to 21.83% from 22.28% within the same period.