Nigeria’s food inflation rate experienced a decline of 39.53% in July 2024, down from 40.87% in June 2024, due to a decrease in the prices of essential items like Garri, Akpu (fufu), milk, and others. According to the National Bureau of Statistics’ (NBS) Consumer Price Index and Inflation data released on Thursday, the month-on-month food inflation rate in July 2024 was 2.47%, indicating a 0.08% decrease from the 2.55% rate recorded in June 2024.....KINDLY READ THE FULL STORY HERE▶
The NBS attributed the fall in food inflation to a decline in the average prices of various food items, including Garri, Akpu (fufu), tin milk, Mudfish fish, fresh fish, date Palm fruit, Watermelon, turkey meat, and minced pork.
However, on a year-on-year basis, July’s food inflation rate was 12.55% higher than the rate recorded in the corresponding month last year.
Additionally, core inflation, excluding food inflation, dropped by 0.79% to 33.40% in July compared to 34.19% in the previous month.