Nigeria’s inflation rate drops to 17.38% in July

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Nigeria’s inflation rate slowed by 17.38% in July- the fourth consecutive decline in 2021. This is according to the ‘Consumer Price Index Report for July’, released by the National Bureau of Statistics on Tuesday.

The consumer price index, which measures the rate of change in prices of goods and services, moderated for the fourth consecutive time to 17.38 percent in July from 17.75 percent in June.

Meanwhile, food inflation declined to 21.03 per cent compared to 21.83 per cent recorded in the previous month, while core inflation stood at 13.73 per cent, up 0.63 per cent compared to 13.09 per cent recorded in the previous month.

CBN Director of Monetary Policy Department, Hassan Mahmud, announced the projection on Friday at the virtual mid-year economic review and outlook 2021.

Mahmud said that with the full implementation of the CBN’s recent policies designed to boost different sectors of the economy, the nation’s inflation rate would be kept at bay.




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