By Jeph Ajobaju, Chief Copy Editor
Headline inflation dropped 0.37 per centage points to 17.38 per cent in July compared to 17.75 per cent in June, and food price inflation fell 0.80 basis points to 21.03 per cent from 21.83 per cent in June.
“The consumer price index (CPI), which measures inflation, increased by 17.38 per cent (year-on-year) in July 2021. This is 0.37 per cent points lower than the rate recorded in June 2021 (17.75 per cent).
“This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021,” the National Bureau of Statistics (NBS) said in its latest report, published by Vanguard.
“On month-on-month basis, the Headline index increased by 0.93 per cent in July 2021. This was 0.13 per centage points lower than the rate recorded in June 2021 (1.06 per cent).
“The urban inflation rate increased by 18.01 per cent (year-on-year) in July 2021 from 18.35 per cent recorded in June 2021, while the rural inflation rate increased by 16.75 per cent in July 2021 from 17.16 per cent in June 2021.”
The urban index rose 0.98 per cent in July 2021, down 0.11 points against 1.09 per cent in June and the rural index rose 0.87 per cent, down 0.15 points against 1.02 per cent in June.
“The composite food index rose by 21.03 per cent in July 2021 compared to 21.83 per cent in June 2021. This implies that food prices continued to rise in July 2021 but at a slower speed than it did in June 2021.
“This 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
“On month-on-month basis, the food sub-index increased by 0.86 per cent in July 2021, down by 0.25 per cent points from 1.11 per cent recorded in June 2021,” the NBS said.
States with the highest Year-on-Year (YoY) food inflation were
· Kogi (28.51 per cent)
· Enugu (24.57 per cent)
· Lagos (24.04 per cent)
States with the lowest YoY food inflation were
· Akwa Ibom (17.85 per cent)
· Bauchi (17.74 per cent)
· Abuja (16.67 per cent)
States with the highest Month-on-Month (MoM) food inflation were
· Kebbi (2.9 per cent)
· Yobe (2.81 per cent)
· Delta (1.9 per cent)
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).