The National Bureau of Statistics (NBS) said inflation dropped by 0.37 percent to 17.38% in July, from 17.75% recorded in June.
The NBS said this in its “Consumer Price Index (CPI) July 2021 Report” released on Tuesday in Abuja.
The inflation rate has been on a steady decline for four consecutive months.
This is as the inflation rate in May stood at 17.93% from 18.12% recorded in April, while 18.17% was recorded in March.
According to the report, the figure implies that prices continued to rise in July but at a slower pace than it did in June.
“On month-on-month basis, the headline index increased by 0.93% in July. This was 0.13 percentage points lower than the 1.06% recorded in June.
It added that urban inflation rate increased by 18.01% (year-on-year) in July, from 18.35% recorded in June, while the rural inflation rate increased by 16.75% in July from 17.16% in June.
The report said the composite food index rose by 21.03% in the month under review compared to 21.83% in June, implying that food prices continued to rise in July, but at a slower speed than it did in June.
It, however, said the 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. (NAN)
