Breaking: Nigeria’s inflation rate drops by 0.38% to 17.38% in July 2021

Nigeria’s inflation rate for July 2021 has dropped to 17.38 per cent compared to 17.75 per cent recorded in June 2021. The consumer price index, which measures the rate of inflation increased by 17.38 per cent (year-on-year) in the review month.

This is according to the latest consumer price report released by the National Bureau of Statistics (NBS).

The food inflation, which is a closely watched index 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% recorded in the previous month.

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.