Nigeria’s Inflation Rate Drops To 17.38 Percent In July 2021

The National Bureau of Statistics (NBS), has published that Consumer Price Index Price Index (CPI), has dropped further to 17.38% (year-on-year) in July 2021.

Consumer price Index report for August 17th 2021, is 0.37 points lower than the rate than was recorded in June 2021 – staked at 17.75%.    

Inflation on food, however was at a declination angle of 21.03%, compared to 21.83% that was recorded in June. Core inflation on the other hand, was up at an inclination angle of 0.63%, standing at 13.73%, compared to 13.09% recorded in June.

Headline index rose by 0.93% on a month-on-month basis in July 2021, being 0.13% lower than the rate recorded in June 2021 at 1.06%.

When the percentage change in the average composite CPI for the past 12 months (that ended in July 2021), is divided by the average change of the CPI for the past 12 months, the result is 16.30% for that 12-month period, indicating a 0.37% rise from 15.93% previously recorded.

Urban inflation rate increased to 18.01% (year-on-year basis) in July 2021, as against the 18.35% recorded in June 2021.    

Remember that in the report for June 2021, prices increased by 17.75% (year-on-year basis), but compare to the report for May 2021 that has 17.93%, points were lower by 0.18%.

This calculation equals that prices continue to rise in June 2021, but just a little slower than what was obtainable in May 2021.