The National Bureau of Statistics (NBS) has said the inflation rate in the country in the month of July 2021 was 17.38 per cent.
The Bureau said the figure reduced by 0.37 per cent from the 17.75 per cent recorded in June 2021.
The NBS made this known in its Consumer Price Index (CPI) report of July 2021 released on Tuesday.
This implies that prices continued to rise in July 2021 — but at a slightly slower pace than it did in the previous month.
According to the NBS, the slowdown in inflation was due to the broad-based slowdown across the food baskets.
On a month-on-month basis, the headline index increased by 0.93 per cent in July 2021. This was 0.13 percentage points lower than the rate recorded in June 2021 (1.06) per cent.
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.72 per cent in July 2021, up by 0.63 per cent when compared with 13.09 per cent recorded in June 2021.
The Bureau also disclosed that food inflation declined to 21.03 per cent compared to 21.83 per cent recorded in the previous month.
“In July 2021, food inflation on a year on year basis was highest in Kogi (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,” the report said.
“On month on month basis, however, July 2021 food inflation was highest in Kebbi (2.98%), Yobe (2.81) and Delta (1.98%), while Sokoto, Akwa Ibom and Imo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” the report noted.