NBS reports inflation has dropped in Nigeria for 3rd straight month

This implies that prices continued to rise but at a slightly slower rise than before.

NBS says the rise of food prices has slowed down [Premium Times]

Inflation has dropped in Nigeria for the third straight month, according to the latest figures released by the National Bureau of Statistics (NBS).

The consumer price index (CPI), which measures inflation, dropped to 17.75% (year-on-year) in June 2021, a marginal decline from the 17.93% headline inflation recorded the previous month.

"This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021," NBS noted in the report published on Friday, July 16.

The headline inflation still increased marginally to 1.06% on a month-on-month basis, 0.05% points more than in May.

Food inflation similarly marginally dropped to 21.83%, compared to the 22.28% recorded the previous month.

Just like for headline inflation, food inflation also rose to 1.11% on a month-on-month basis.

The rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats, and meat.

Core inflation also dropped for the first time in six months, from 13.15% in May to 13.09% last month.

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

10,534 respondents spread across the country usually provide price data for regularly priced market items of 740 goods and services.

Until April, inflation had consistently increased in Nigeria for 19 straight months starting with President Muhammadu Buhari's decision to shut down Nigeria's land borders.

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