August 17, (THEWILL) – The 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, the National Bureau of Statistics (NBS) said on Tuesday.
This represents a 0.37% decline in the rate of inflation compared to the previous month.
The NBS however, explained 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.
It noted that prices moderated in all parameters that determined inflation during the review period.
Also on month-on-month basis, the headline index increased by 0.93% in July 2021, and this is 0.13% points lower than the rate recorded in June 2021 (1.06%).
According to the CPI report for July, 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.
On month-on-month basis, the food sub-index increased by 0.86% in July 2021, down by 0.25% points from 1.11% recorded in June 2021.
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.
The NBS said, 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%)
