Nigeria’s Inflation Drops To 17.38% In July

 Nigeria’s Inflation Drops To 17.38% In July

The Consumer Price Index which measures inflation has dropped by 17.38 percent in July 2021.

This is 0.37 percent lower than the rate recorded in June 2021 (17.75%).

The National Bureau of Statistics disclosed this in its Consumer Price Index report for June.

Increases were recorded in all Classification of Individual Consumption According to Purpose divisions that yielded the headline index.

On a 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.

According to the report, “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.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

Related post