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JUST IN: Nigeria’s inflation rate drops to 17.38% in July 2021

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Inflation

The Consumer Price Index (CPI), which measures inflation, according to the National Bureau of Statistics (NBS), dropped further to 17.38 per cent (year-on-year) in July 2021.

The NBS, in its Consumer Price Index report for June released on Tuesday, August 17, noted that the figure is 0.37 points lower than the rate recorded in June 2021 (17.75 per cent).

The food inflation, however, declined to 21.03 per cent compared to 21.83 per cent recorded in the previous month, while core inflation stood at 13.73 per cent, up by 0.63 per cent compared to 13.09 per cent recorded in the previous month.

On month-on-month basis, the headline index rose by 0.93% in July 2021, which was 0.13 percentage points lower than the rate recorded in June 2021 (1.06) percent.

The percentage change in the average composite CPI for the 12 months period ending July 2021, over the average of the CPI for the previous 12 months period 16.30 per cent, representing a 0.37 percent point rise from 15.93 percent recorded in June 2021.

Also, the urban inflation rate increased by 18.01 percent (year-on-year) in July 2021 from 18.35 percent recorded in June 2021, while the rural inflation rate increased by 16.75 percent in July 2021 from 17.16 percent in June 2021.

Techeconomy.ng previously reported that the CPI which measures inflation rate of change in the increase in prices, according to the NBS, increased by 17.75 per cent (year-on-year) in June 2021.

The NBS’ CPI report showed 0.18 percentage points were lower than the rate recorded in May 2021 (17.93) per cent.

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That implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021). The corresponding twelve-month year-on-year average percentage change for the urban index was 16.51 per cent in June 2021.

This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate in June 2021 was 15.36 percent compared to 14.94 percent recorded in May 2021.

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