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Nigeria’s inflation rate for July dropped to 17.38% – NBS

Nigeria's National Bureau of Statistics (NBS) has said that the consumer price index, (CPI) which measures inflation dropped to 17.38…

Nigeria’s National Bureau of Statistics (NBS) has said that the consumer price index, (CPI) which measures inflation dropped to 17.38 percent (year-on-year) in July 2021 as against 17.75 percent recorded in June this year.The monthly report of the CPI released by the NBS on Tuesday in Abuja said that the figure for July was 0.37 percent points lower than the rate recorded in June.

It added that Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

“On month-on-month basis, the Headline index increased by 0.93 percent in July 2021. This was 0.13 percentage points lower than the rate recorded in June 2021 (1.06) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 percent in July 2021. This is higher than 16.51 percent reported in July 2021, while the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 percent recorded in June 2021,” the NBS said.

According to the report, the percentage change in the average composite CPI for the twelve months period ending July 2021 over the average of the CPI for the previous twelve months period was 16.30 percent, showing 0.37 percent point rise from 15.93 percent recorded in June 2021.

The NBS explained that 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.

“On a month-on-month basis, the urban index rose by 0.98 percent in July 2021, down by 0.11 points against the rate recorded in June 2021 (1.09 percent), while the rural index also rose by 0.87 percent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 percent).

“The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 percent in July 2021. This is higher than 16.51 percent reported in July 2021, while the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 percent recorded in June 2021.

“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.)

“The average annual rate of change of the Food sub-index for the twelve-month period ending July 2021 over the previous twelve-month average was 20.16 percent, 0.44 percent points from the average annual rate of change recorded in June 2021 (19.72) percent.

“On month-on-month basis, the food sub-index increased by 0.86 percent in July 2021, down by 0.25 percent points from 1.11 percent 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,” the NBS added.

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