Inflation Rate Drops To 17.83% In July, Says NBS

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    The National Breau of Statistics (NBS) on Tuesday said Nigeria’s headline inflation continued its deceleration as it moderated to 17.38 per cent in July 2021 (June: 17.75 from) – the slowest rise since February 2021 (17.33 per cent).

    The report stated that on a month-on-month basis, headline inflation moderated by 13 basis points to 0.93 per cent.

    The report explained that food inflation moderated for the fourth consecutive month, declining by 80 basis points to 21.03per cent in July 2021 (June: 21.83per cent).

    NBS said: “The highest price increases were recorded in milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, soft drinks, and meat. On a month-on-month basis, food inflation grew slower by 0.86per cent in July (June: 1.11 per cent).

    “Conversely, core inflation increased by 63basis points to 13.72 per cent (June: 13.09 per cent).

    “Pressures were most significant in the prices of garments, shoes and other footwear, clothing materials, other articles of clothing and clothing accessories, vehicle spare parts, major household appliances whether electric or not, pharmaceutical products, cleaning, repair and hire of clothing, furniture and furnishing, medical services and hospital services.

    “Compared to the previous month, the core index increased by 50basis points to 1.31per cent m/m in July.”

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