Inflation in Nigeria has dropped for the third straight month in the year 2021, according to the latest figures released by the National Bureau of Statistics (NBS).
Inflation had consistently increased in Nigeria for 19 months since President Muhammadu Buhari decided to close Nigeria’s land borders
The National Bureau of Statistics (NBS) data shows that the consumer price index (CPI), which measures inflation, dropped to 17.75% in June 2021, a marginal decline from the 17.93% headline inflation recorded the previous month.
“Though prices continued to rise in June 2021 at a slightly slower rise than it did in May 2021,” NBS noted in the report published on Friday, July 16.
Similarly, food inflation marginally dropped to 21.83%, compared to the 22.28% recorded the previous month.
Headline inflation still increased marginally to 1.06% on a month-on-month basis, 0.05% points more than in May. 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 the prices of goods and services consumed by people for day-to-day living.