According to the National Bureau of Statistics, Nigeria’s inflation rate fell to 17.38 per cent in July from 17.75 per cent in June 2021.
The current inflation figure was included in the NBS’s ‘Consumer Price Index (CPI) Report for July,’ which was released on Tuesday. In Nigeria, the CPI monitors the rate of change in the prices of goods and services.
Nigeria’s inflation rate showed that prices rose somewhat slower in July 2021 than in June, at 17.75 per cent. The difference between the two months was 0.37 per cent or 37 basis points.
Hassan Mahmud, CBN Director of Monetary Policy Department, announced the projection on Friday during the virtual mid-year economic review and outlook 2021.
“This implies that prices continued to rise in July 2021 but at a slower rate than it did in June 2021,” NBS said.
The current inflation rate was released just two days after the Central Bank of Nigeria (CBN) expressed confidence that Nigeria’s inflation rate would fall to a single digit by 2022.
Mahmud stated that the nation’s inflation rate would be kept in check if the CBN’s recent initiatives aimed at boosting various areas of the economy were fully implemented.
The National Bureau of Statistics indicates that Nigeria’s inflation rate fell to 17.75 per cent in June, down from 17.93 per cent in May.
According to the CBN official, the Nigerian economy has maintained a path of recovery despite challenges related to the COVID-19 pandemic and insecurity since overcoming the recession in the last quarter of 2020.
“We will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single-digit by 2022 or the middle of 2022,” Mahmud said.