The reduction in the prices of some food items has pushed Nigeria’s food inflation to fall to 39.53 percent in July 2024 from 40.87 percent in June of the same year.
According to the National Bureau Statistics (NBS) July’s Consumer Price Index and Inflation data released on Thursday, there was a reduction in the prices of Garri, Akpu(fufu), milk, and other items.
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 the food items listed below.
