Nigeria’s inflation drops to 17.38%

Nigeria’s inflation rate declined 0.37 per cent to 17.38 per cent in July 2021, the National Bureau of Statistics said on Tuesday.
In its “Consumer Price Index (CPI) report 2021,” it said there is a reflection of continued soaring prices in the month under review at a slower rate than the previous month.
The NBS said, “The consumer price index, (CPI) which measures inflation increased by 17.38 per cent (year-on-year) in July 2021. This is 0.37 per cent points lower than the rate recorded in June 2021 (17.75) per cent. (This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021).”
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 per cent, showing 0.37 per cent point rise from 15.93 per cent recorded in June 2021.
The report explained that Increases were recorded in all COICOP divisions that yielded the Headline index.
On month-on-month basis, according to the report, the Headline index increased by 0.93 per cent in July 2021.
This, it said, was 0.13 percentage points lower than the rate recorded in June 2021 (1.06) percent.
The report also stated, “The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 per cent in July 2021.
“This is higher than 16.51 per cent reported in July 2021, while the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 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.”