For the first time in a while, Nigerians are beginning to feel a little bit of relief, with the reduction in the prices of some food items.
Now, to the good part.
This drop in food prices 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.
The National Bureau of Statistics (NBS) published its July’s Consumer Price Index and Inflation data released on Thursday.
It shows that 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.
This 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.
Garri
Akpu (Fufu)
Tin milk
Mudfish fish
Fresh fish
Date Palm fruit
Watermelon
Turkey meat
Minced pork
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.
Cheap States In Nigeria
Similarly, NBS highlighted some of the least expensive states to live in Nigeria.
Also Read: 3 Cheap States To Live In Nigeria
The report disclosed that Benue, Delta, and Borno states are the cheapest states in the country presently.
NBS July’s Consumer Price Index and Inflation Data showed that Benue, Delta and Borno recorded the slowest rise in Headline Inflation on a year-on-year basis.
