The National Bureau of Statistics (NBS) reported a drop in Nigeria’s food inflation rate to 39.53% in July 2024, down from 40.87% in June.
This decrease was largely driven by reductions in the prices of key food items, including Garri, Akpu (fufu), and milk.
The NBS released its July Consumer Price Index and Inflation data on Thursday, highlighting that the month-on-month food inflation rate for July 2024 was 2.47%, a slight decrease from the 2.55% recorded in June.
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According to the NBS, the decline in food inflation was due to lower average prices for several staples such as Garri, Akpu (fufu), tin milk, mudfish, fresh fish, date palm fruit, watermelon, turkey meat, and minced pork.
On a year-on-year basis, however, July’s food inflation was 12.55% higher than the same month in the previous year.
Meanwhile, core inflation, excluding food, decreased by 0.79% to 33.40% in July, compared to 34.19% in June.
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