Nigeria’s inflation rate falls slightly in July

Vendors display tomatoes for sell at Mile 12 market in Lagos, food prices remain high despite drop in inflation rate to 17.93% in May 2021, on July 7, 2021. (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images)

Nigeria’s inflation rate fell slightly to 17.38 percent in July, down from the 17.75 percent recorded in June, according to data released Tuesday by the National Bureau of Statistics (NBS).

This fall between both months was 0.37 percent, the NBS said in its report. The inflation rate has been on a steady decline for four consecutive months, since April.

The composite food index rose to 21.03 percent in July compared to 21.83 percent in June, implying that food prices continued to rise in the month under review but at a slower speed than in June, the statistics office indicated.

The NBS, however, said the rise in the food index was caused by increases in prices of milk, coffee, tea and cocoa, cheese and eggs, vegetables, bread and cereals, soft drinks, and meat.

Meanwhile, the core inflation, which excludes the prices of volatile agricultural produce stood at 13.72 percent in July, up by 0.63 percent when compared with 13.09 percent recorded in June, the NBS added.

Nigeria recorded an inflation rate of 18.17 percent in March 2021, the highest rate in four years