Nigeria, Aug. 17 -- Nigeria's inflation rate fell for the fourth consecutive month in July amid decelerating increase in food prices, the National Bureau of Statistics has said.

The statistics office said Tuesday that the prices of goods and services, measured by the Consumer Price Index (CPI), rose by 17.38 per cent. That is lower than 17.75 per cent recorded in June.

This is the year-on-year change, which means that while prices continued to rise in July 2021 over July 2020, the pace of the increase was slower when compared to June 2021 versus June 2020.

The fall between both months was 0.37 per cent or 37 basis points.

"This implies that prices continued to rise in July 2021 but at a slower rate than it did in June 2021," NBS said....