Nigeria’s Consumer Price Index, (CPI) which measures inflation dropped to 17.38 per cent (year-on-year) in July, compared to 17.75 per cent in the preceding month, according to the National Bureau of Statistics (NBS).
The bureau noted, however, that the 0.37 per cent reduction in the headline index implied that prices continued to rise in July but at a slower rate than it did in June.
According to it, prices moderated in all parameters that determined inflation during the review period.
According to the CPI report for July which was released Tuesday by the NBS, food inflation slowed to 21.03 per cent in the review period compared to 21.83 per cent in June, meaning that food prices continued to rise in July but at a slower speed than it did in June.
Core inflation, which excludes the prices of volatile agricultural produce, however increased to 13.72 per cent, up by 0.63 per cent when compared with 13.09 per cent recorded in June.
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) percent.
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 percent point rise from 15.93 percent recorded in June 2021.
The urban inflation rate increased by 18.01 percent (year-on-year) in July 2021 from 18.35 percent recorded in June 2021, while the rural inflation rate increased by 16.75 percent in July 2021 from 17.16 percent in June 2021.
On a month-on-month basis, the urban index rose by 0.98 percent in July 2021, down by 0.11 points against the rate recorded in June 2021 (1.09 percent), while the rural index also rose by 0.87 percent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 percent).
The corresponding 12-month year-on-year average percentage change for the urban index is 16.89 percent in July 2021. This is higher than 16.51 percent reported in July 2021,
Meanwhile, the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 percent recorded in June 2021.
On food inflation, the report revealed that the composite food index rose 21.03 percent in July 2021 compared to 21.83 percent in June 2021, reflecting the continued rise in food prices in June, but at a slightly slower speed than it did in June.