Nigeria’s inflation figures have again dropped again, recording 17.38 percent for the month of June.
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate dropped for the fourth consecutive month in July.
According to the statistics body’s latest consumer price report, released on Tuesday, July inflation rate was 17.38 percent, compared to 17.75 percent in June 2021.
This is 0.37 per cent or 37 basis points lower than the rate recorded in June 2021 at 17.75.
“This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021,” NBS said.
On a month-on-month (that is from June to July) basis, the headline index increased by 0.93 per cent in July 2021. This is 0.13 percentage points higher than the rate recorded in June 2021 (1.06per cent).
Food index the closely watch rose by 21.03 percent in July 2021 compared to 21.83 percent in June 2021.
This implies that food prices continued to rise in July 2021 but at a slower speed than it did in June 2021.
On a month-on-month basis, the headline index increased by 0.93 percent in July.
2021. This is 0.13 percentage points higher than the rate recorded in June 2021 (1.06per cent).
It said the composite food index rose by 21.03 percent in July 2021 compared to 21.83 percent in June 2021.
This implies that food prices continued to rise in July 2021 but at a slower speed than it did in June 2021.
On states profile
According to NBS on year to year Kogi state recorded the highest inflation rate at (22.49%), followed by Bauchi (22.04%) and Kaduna (20.42%).
While Akwa Ibom and River (15.78%), Delta (15.40%) and Kwara (14.53%) recorded the slowest rise in year on Year inflation.
On month on month basis, however, July 2021 all items inflation was highest in Kebbi (2.27%), Yobe (2.19%), and Bauchi (2.03%), while Ebonyi, Akwa Ibom and Bayelsa recorded a decrease.
State profile on food inflation shows in July 2021, food residents of Kogi state recorded the highest inflation change of (28.51%), Enugu (24.57%) and Lagos (24.04%).
While Akwa Ibom (17.85%), Bauchi (17.74%) and Abuja (16.67%) recorded the slowest rise in year on year inflation.
On month on month changes food inflation was highest in Kebbi (2.98%), Yobe (2.81) and Delta (1.98%)
While Sokoto, Akwa Ibom and Imo recorded a negative food inflation rate.
