Inflation in Nigeria Slows Again in July Despite Rising Food Prices

By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria--Annual inflation in Nigeria slowed to 17.38% in July from 17.75% in June, the National Bureau of Statistics said in a report on Tuesday.

The rate of inflation has now declined for four months in a row, after standing at 18.72% in March and 18.12% in April.

Inflation in Africa's largest crude-oil exporter has been in the double digits for months as the coronavirus pandemic, insecurity and the closure of land borders to curb smuggling have disrupted sectors such as farming, industrial production and transportation.

The NBS report said food price inflation stood at 21.03% in July compared with 21.83% in the previous month. This implies that food prices continued to rise in July but at a slower speed than in June, according to the NBS.

It said the rise in the food index was caused by increases in the prices of milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, soft drinks and meat.

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08-17-21 1307ET