Food prices highest in Kogi, Enugu, Lagos in July

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Akwa Ibom at 17.85 per cent, Bauchi at 17.74 per cent, and Abuja at 16.67 per cent recorded the slowest rise in year-on-year inflation.

On a yearly basis, prices of food items rose the most in Kogi, Enugu, and Lagos in July, the Consumer Price Index (CPI) report released on Tuesday by the National Bureau of Statistics (NBS) has shown.

The report revealed that in July 2021, food inflation was highest in Kogi at 28.51 per cent, Enugu at 24.57 per cent, and Lagos at 24.04 per cent.

Akwa Ibom at 17.85 per cent, Bauchi at 17.74 per cent, and Abuja at 16.67 per cent recorded the slowest rise in year-on-year inflation.

The report said on a month-on-month basis, food price inflation was highest in Kebbi 2.98 per cent, Yobe 2.81 per cent and Delta 1.98 per cent.

Sokoto, Akwa Ibom and Imo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate) within the period.

According to the report, the composite food index rose by 21.03 per cent in July 2021 compared to 21.83 per cent in June 2021.

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

On a month-on-month basis, the food sub-index increased by 0.86 per cent in July 2021, down by 0.25 per cent from 1.11 per cent recorded in June 2021.

“The average annual rate of change of the Food sub-index for the twelve-month period ending July 2021 over the previous twelve-month average was 20.16 per cent, 0.44 per cent points from the average annual rate of change recorded in June 2021 at 19.72 per cent,” the report said.

The report said core inflation, which excludes the prices of volatile agricultural produce, stood at 13.72 per cent in July 2021, up by 0.63 per cent when compared with 13.09 per cent recorded in June 2021.

‘’On a month-on-month basis, the core sub-index increased by 1.31 per cent in July 2021. This was up by 0.50 per cent when compared with 0.81 per cent recorded in June 2021.

“The highest increases were recorded in prices of Garments, Shoes and other footwear, Clothing materials, other articles of clothing and clothing accessories, Vehicle spare parts, Major household appliances whether electric or not, Pharmaceutical products, Cleaning, repair and hire of clothing, furniture and furnishing, Medical services and Hospital services.

“The average 12-month annual rate of change of the index was 12.05 per cent for the twelve-month period ending July 2021; this is 0.29 per cent points higher than 11.75 per cent recorded in June 2021,” it said.

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Source: Premium Times

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