The consumer price index, (CPI) which measures inflation increased by 17.38 percent (year-on-year) in July 2021, as prices continued to rise in July 2021 but at a slower rise than it did in June 2021.
July inflation is 0.37 percent points lower than the rate recorded in June 2021 (17.75) percent.
This is according to the Consumer Price Index July 2021 report released by the National Bureau of Statistics on Tuesday.
The July figure is the fourth consecutive decline in inflation rate reported by the NBS, after the high of 18.17% recorded in March 2021.
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index in July.
Food prices continued to rise in July 2021 but at a slower speed than it did in June 2021 as the composite food index rose by 21.03 percent in July 2021 compared to 21.83 percent 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, according to the report.
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The ”All items less farm produce” or 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.
According to the report, 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.
In July 2021, all items inflation on year on year basis was highest in Kogi (22.49), followed by Bauchi (22.04%) and Kaduna (20.42%), while Akwa Ibom and River (15.78%), Delta (15.40%) and Kwara (14.53%) recorded the slowest rise in headline Year on Year inflation.
Also, food inflation on a year on year basis was highest in Kogi (28.51%), followed by Enugu (24.57%) and Lagos (24.04%), while Akwa Ibom (17.85%), Bauchi (17.74%) and Abuja (16.67%) recorded the slowest rise in year on year inflation.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.