Nigeria’s inflation rate slows to 17.38%

Nigeria’s inflation rate has dropped to 17.38 percent in July from 17.75 in June 2021, according to the National Bureau of Statistics (NBS).

The latest inflation rate was contained in the ‘Consumer Price Index (CPI) Report for July’ released by the NBS on Tuesday. CPI measures the rate of change in the prices of goods and services in Nigeria.

Nigeria’s inflation rate showed that prices continued to rise in July 2021 at a slightly slower pace than the 17.75 percent recorded in June. The fall between both months was 0.37 percent or 37 basis points.

The current inflation rate was released two days after the Central Bank of Nigeria (CBN) expressed optimism that Nigeria’s inflation rate may drop to a single digit in 2022.

CBN Director of Monetary Policy Department, Hassan Mahmud, announced the projection on Friday at the virtual mid-year economic review and outlook 2021.