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Nigeria’s Inflation Rate At 17.38% (July 2021)- NBS

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Nigeria’s Inflation Rate At 17.38% (July 2021)- NBS

The National Bureau of Statistics (NBS) reports that the consumer price index, (CPI) which measures inflation, increased by 17.38 percent (year-on-year) in July 2021. This is 0.37 percent lower than the rate recorded in June 2021 (17.75 percent). This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021.

(The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living).

On month-on-month basis, the Headline index increased by 0.93 percent in July 2021. This was 0.13 percentage points lower than the rate recorded in June 2021 (1.06 percent).

The percentage change in the average composite CPI for the twelve months period ending July 2021 over the average of the CPI for the previous twelve months period was 16.30 percent, showing 0.37 percent point rise from 15.93 percent recorded in June 2021.

Urban Inflation

The urban inflation rate increased by 18.01 percent (year-on-year) in July 2021 from 18.35 percent recorded in June 2021, while the rural inflation rate increased by 16.75 percent in July 2021 from 17.16 percent in June 2021.

On a month-on-month basis, the urban index rose by 0.98 percent in July 2021, down by 0.11 points against the rate recorded in June 2021 (1.09 percent), while the rural index also rose by 0.87 percent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 percent in July 2021. This is higher than 16.51 percent reported in July 2021, while the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 percent recorded in June 2021.

Core Inflation

The Core inflation, which excludes the prices of volatile agricultural produce stood at 13.72 percent in July 2021, up by 0.63 percent when compared with 13.09 percent recorded in June 2021.

The average 12-month annual rate of change of the index was 12.05 percent for the twelve-month period ending July 2021; this is 0.29 percent points higher than 11.75 percent recorded in June 2021.

The highest increases were recorded in prices of garments, shoes and other footwear, clothing materials, other articles of clothing and clothing accessories, vehicle spare parts, major household appliances whether electric or not, pharmaceutical products, cleaning, repair and hire of clothing, furniture and furnishing, medical services and hospital services.

On month-on-month basis, the core sub-index increased by 1.31 percent in July 2021. This was up by 0.50 percent when compared with 0.81 percent recorded in June 2021.

A food market

Food Inflation

In July 2021, food inflation on a year on year basis was highest in Kogi State(28.51%), Enugu State (24.57%) and Lagos State (24.04%), while Akwa Ibom State  (17.85%), Bauchi State (17.74%) and Abuja (16.67%) recorded the slowest rise in year-on-year inflation.

On month-on-month basis, however, July 2021 food inflation was highest in Kebbi State (2.98%), Yobe State (2.81%) and Delta State (1.98%), while Sokoto, Akwa Ibom and Imo States recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

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