Nigeria’s inflation rate has fallen four times without interruption for the fourth month in July in the midst of slowing down increase in food prices, said the National Bureau of Statistics.
The statistics office stated on Tuesday that prices of goods and services, measured by the Consumer Price Index (CPI), rose by 17.38%. That is lower than 17.75% recorded in June.
This year-on-year change which indicates that the cost of goods continued to rise in July 2021 over July 2020, the pace of the increase was slower when compared to June 2021 versus June 2020.
The fall between both months was 0.37% or 37 basis points.
NBS said, “This implies that prices continued to rise in July 2021 but at a slower rate than it did in June 2021.”
On a month-on-month basis, the headline index added by 0.93% in July, 0.13% points higher than the rate documented in June.
It said the composite food index rose by 21.03% in July 2021 compared to 21.83% in June 2021.
This means that food prices continued to rise in July 2021 but at a lesser speed than it was in June 2021.
As stated by the NBS, this rise in the food index in June took place via the increases in the prices of milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, soft drinks and meat.
“The average annual rate of change of the Food sub-index for the twelve months ending July 2021 over the previous twelve-month average was 20.16%, 0.44% points from the average annual rate of change recorded in June 2021 (19.72%),” it said.