In July 2024, the prices of Garri, Fufu (Akpu), milk, and other essential items reduced, causing a decline in Nigeria’s food inflation rate to 39.53 percent from 40.87 percent in June of the same year.
Thursday saw the release of the National Bureau of Statistics Consumer Price Index and Inflation data for July.
For July 2024, the month-on-month food inflation rate in the country was 2.47 percent, representing a 0.08 percent decrease compared to the 2.55 percent rate recorded in June 2024.
NBS attributed the drop in food inflation to the decrease in average prices of Garri, Fufu (Akpu), canned milk, Mudfish, fresh fish, date palm fruit, watermelon, turkey meat, and minced pork.
Conversely, the year-on-year food inflation for July was 12.55 percent higher compared to the corresponding month last year.
Earlier reports from NewsNow indicate that core inflation excluding food inflation fell by 0.79 percent to 33.40 percent in July from 34.19 percent in the previous month.