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.
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.
NBS Reveals Three Cheapest States To Live In Nigeria
Meanwhile, NBS has revealed the least expensive 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 released on Thursday showed that Benue, Delta and Borno recorded the slowest rise in Headline Inflation on a year-on-year basis.
Benue’s headline inflation stood at 27.28 percent, Delta, 28.06 percent and Borno 28.33 percent on a year-on-year basis.
On a month-on-month basis, Taraba, 0.17 percent, Kwara, 0.62 percent and Ondo 0.91 percent recorded the slowest headline inflation rise.
In contrast, Abuja 3.91 percent, Borno, 3.84 percent and Enugu 3.76 percent recorded the highest increases.
