The National Bureau of Statistics has said Nigeria’s headline inflation rate for July fell to twenty-one-point eight percent as compared to June, which stood at twenty-two-point twenty-two percent.
The Consumer Price Index (CPI) report indicates that the nation has experienced four consecutive drops in inflation for the year.
It also revealed that July’s inflation rate eased to three-point one two percent, as compared to the previous month.
Core inflation, which excludes the prices of volatile agricultural products and energy, stood at twenty-one-point three three percent in July 2023 on a year-on-year basis; a decline of six-point one three percent when compared to the twenty-seven-point four seven percent recorded in July 2022.
The food and non-alcoholic beverages, restaurants and accommodation services, and transport were the top contributors to the CPI in the month under review.