Inflation drops by 0.34% in July

The July inflation report showed a 0.34% drop compared to June, with three major contributors being food, beverage, and transport. The least contributor was recreation and culture.

The food inflation rate in July fell compared to June, attributed to lower prices of items like Vegetable Oil and White Rice. Core inflation, which excludes volatile items like agricultural produce, also decreased in July.

Urban inflation rates fell compared to June, while rural inflation rates increased. Borno, Osun, and Ebonyi had the highest food inflation rates in July, while Borno, Kano, and Sokoto saw declines.

Borno, Niger, and Benue had the highest item inflation rates, while Borno, Zamfara, and Kano had the highest headline inflation rates in July. Anambra recorded the lowest rise in inflation.