The Consumer Price Index, (CPI) which measures inflation dropped to 17.38 per cent (year-on-year) in July, compared to 17.75 per cent in the preceding month, according to the National Bureau of Statistics (NBS).
The NBS however, explained that the 0.37 per cent reduction in the headline index implied that prices continued to rise in July but at a slower rate than it did in June.
It noted that prices moderated in all parameters that determined inflation during the review period.
According to the CPI report for July which was released Tuesday by the NBS, food inflation slowed to 21.03 per cent in the review period compared to 21.83 per cent in June, meaning that food prices continued to rise in July but at a slower speed than it did in June.
Core inflation, which excludes the prices of volatile agricultural produce, however increased to 13.72 per cent, up by 0.63 per cent when compared with 13.09 per cent recorded in June.
Details later…
