• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Nigeria’s inflation rate drops to 17.38% in July 2021

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
74
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s inflation rate drops to 17.38% in July 2021

Nigeria’s inflation rate for the month of July 2021, dropped further to 17.38% compared to 17.75% recorded in June 2021. This represents a 0.37% decline in the rate of inflation compared to the previous month.

This is contained in the recently published consumer price index report by the National Bureau of Statistics (NBS).

The latest inflation report also indicates a 4th consecutive decline in the inflation rate. It is worth noting that despite the subtle decline recorded in the review month, prices of goods and services increased significantly as the CPI surged by 17.38% compared to the corresponding period of 2020.

On month-on-month basis, the Headline index increased by 0.93% in July 2021. This was 0.13% points lower than the rate recorded in June 2021 (1.06%).

Food inflation

Food inflation, which is a closely watched index declined to 21.03% compared to 21.83% recorded in the previous month. The rate of increase of the food index has also recorded a consistent decline for the fourth consecutive month.

On month-on-month basis, the food sub-index increased by 0.86% in July 2021, down by 0.25% points from 1.11% recorded in June 2021.

RelatedPosts

NorvanReports at 5: The Rise of a Fearless Voice in Ghana’s Economic Storytelling

Sylvia Owusu-Ankomah Appointed CEO of The Ghana Chamber of Telecommunications & The Digital Chamber of Ghana

ICUMS Set to Complete Major Upgrade to Enhance System Performance

This rise in the food index was caused by increases in prices of Milk, Cheese and Eggs, Coffee, Tea and Cocoa, Vegetables, Bread and Cereals, Soft drinks, and Meat.

Read This: IoD-Gh President explains why members are not appointed directors of SOEs

Core inflation

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.72% in July 2021, up by 0.63% when compared with 13.09% recorded in June 2021.

The core inflation had recorded two consecutive declines as of the previous month, however, significant increases in the prices of non-food items and services pushed the inflation figures up in the month of July 2021.

Notably, the highest increases were recorded in prices of Garments, Shoes and other footwear, Clothing materials, other articles of clothing and clothing accessories, Vehicle spare parts, Major household appliances whether electric or not, pharmaceutical products, cleaning, repair and hire of clothing, furniture and furnishing, medical services and hospital services.

On month-on-month basis, the core sub-index increased by 1.31% in July 2021. This was up by 0.50% when compared with 0.81 percent recorded in June 2021.

Meanwhile, the urban inflation rate dropped to 18.01% in July 2021 from 18.35% recorded in June 2021, while the rural inflation rate stood at 16.75% in July 2021 from 17.16% in June 2021.

What this means

The latest inflation figure prints a less harsh situation compared to the previous month; that is, Nigeria’s spent more in July 2021 compared to July 2020, but not as much as the increase recorded when comparing June 2021 and 2020.

This also implies that inflationary pressures are beginning to consistently trickle down, however, the rate of decline is still slow, as 17.38% is still very high compared to returns on investors of various investment portfolios in the country.

Source: nairametrics
Via: norvanreports
Tags: Covid-19National Bureau of Statistics (NBS).Nigeria’s inflation rate drops to 17.38% in July 2021This is contained in the recently published consumer price index report by the National Bureau of Statistics (NBS).
No Result
View All Result

Highlights

IMF Staff Mission Reaches Staff-Level Agreement with Côte d’Ivoire on EFF/ECF and RSF Programmes

Fuel Prices Set to Rise Marginally at the Pumps From Today

Failure to Enforce Mining Laws Driving Food Insecurity, Says EGP’s Abdul Karim Mohammed

GSE Composite Index Climbs to 8,168.35 Points on Gains in FML, ETI and SOGEGH

Global Crude Exports Set to Hit All-Time High in October

BoG Raises GHS 7.74bn From 56-Day Bills at 21.4% Yield

Trending

Business

NorvanReports at 5: The Rise of a Fearless Voice in Ghana’s Economic Storytelling

October 1, 2025

NorvanReports at 5: The Rise of a Fearless Voice in Ghana’s Economic Storytelling Deck: From humble beginnings...

Sylvia Owusu-Ankomah Appointed CEO of The Ghana Chamber of Telecommunications & The Digital Chamber of Ghana

October 1, 2025

ICUMS Set to Complete Major Upgrade to Enhance System Performance

October 1, 2025

IMF Staff Mission Reaches Staff-Level Agreement with Côte d’Ivoire on EFF/ECF and RSF Programmes

October 1, 2025

Fuel Prices Set to Rise Marginally at the Pumps From Today

October 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.