Nigeria’s inflation rate drops to 17.38% in July

The Consumer Price Index which measures inflation increased by 17.38% (year-on-year) in July 2021.

This is 0.37% lower than the rate recorded in June 2021 (17.75%).

The National Bureau of Statistics disclosed this in its Consumer Price Index report for June which was released on Tuesday.

Increases were recorded in all Classification of Individual Consumption According to Purpose divisions that yielded the headline index.

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) per cent.

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 per cent point rise from 15.93 per cent recorded in June 2021.

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

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

The corresponding 12-month year-on-year average percentage change for the urban index is 16.89 per cent in July 2021. This is higher than 16.51 per cent reported in July 2021,

Meanwhile, the corresponding rural inflation rate in July 2021 was 15.73 per cent compared to 15.36 per cent recorded in June 2021.

On food inflation, the report revealed that the composite food index rose 21.03 per cent in July 2021 compared to 21.83 per cent in June 2021, reflecting the continued rise in food prices in June, but at a slightly slower speed than it did in June.