The reduction in the prices of Garri, Akpu(fufu), milk, and other items pushed Nigeria’s food inflation to fall by 39.53 percent in July 2024 from 40.87 percent in June of the same year.
The National Bureau Statistics July’s Consumer Price Index and Inflation data was released on Thursday.
On a month-on-month basis, the country’s food inflation rate in July 2024 was 2.47 percent, which shows a 0.08 percent decrease compared to the 2.55 percent rate recorded in June 2024.
NBS explained that the fall in food inflation can be attributed to the decline in the average prices of Garri, Akpu(Fufu), tin milk, Mudfish fish, fresh fish, date Palm fruit, Watermelon, turkey meat, and minced pork.
Meanwhile, on a year-on-year basis, July’s food inflation was 12.55 percent higher compared to the rate recorded in the corresponding Month last year.
DAILYPOST
