From Isaac Anumihe, Abuja

Just as  the Central Bank of Nigeria (CBN) predicted, inflation for the fourth time, consecutively, plunged downward to settle at 17.38 per cent ( year- on- year) in July, 2021.

Confirming the slide in its Consumer Price Index (CPI) yesterday, National Bureau of Statistics (NBS)  said that the drop  indicates 0.37 per cent points lower than the rate recorded in June 2021, 17.75 per cent.

NBS said prices of major items were on the  rise,   but at a slower rise than it did in June 2021.

“The 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”, NBS said.

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Cosequently, the bureau, said increases were recorded in all divisions that yielded the headline index. 

“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) per cent. The per centage 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 per cent point rise from 15.93 percent recorded in June 2021”.

There was also an increase in urban inflation rate by 18.01 per cent (year-on-year) in July 2021 from 18.35 percent 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.

“ 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 per cent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 per cent)”

“The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 per cent 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”, NBS explained.