Inflation Rate Drops By 0.37%

THE Consumer Price Index which measures inflation dropped to 17.38% in July 2021.

This indicates that it dropped by 0.37 points which is lower than the 17.75% recorded in June 2021.

This was disclosed by the National Bureau of Statistics in its Consumer Price Index report for June which was released on Tuesday.

Food inflation also dropped to 21.03% compared to 21.83% that was recorded in the previous month.

Meanwhile core inflation stood at 13.73% up by 0.63% compared to 13.09% recorded in the previous month.

On a month-on-month basis, the headline index rose by 0.93 per cent in July, which was 0.13 percentage points lower than the rate recorded in June (1.06) per cent.

Urban inflation rate, according to the NBS increased by 18.01 per cent (year-on-year) in July from 18.35 per cent recorded in June, while the rural inflation rate increased by 16.75 per cent in July from 17.16 per cent in June.

Rural inflation rate in July was 15.73 per cent, compared to 15.36 per cent recorded in June.

Editor

+ posts

• President Tinubu’s Independence Day Speech
• Vatican Appoints Crotty As New Apostolic Nuncio To Nigeria
• Trump Leaves Hospital After Assassination Attempt At Rally
• Tinubu Advocates Equitable Access To Capital Markets For Developing Countries