Things might just be looking up for the commodity market in the Nigerian economy, following reports that inflation rates may be dropping, a major positive development in a country, which has been beset by rising prices including food and other domestic needs.
Nigerians have been groaning as a result of sustained increase in prices, especially since the Federal Government, upped the price of Premium Motor Spirit (PMS) and electricity tariffs, since existing a nine-month lockdown, occasioned by the ravaging COVID-19 outbreak.
But TheCable, reports that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, dropped again to 17.38 per cent in July from 17.75 in June.
This report quoted the ‘Consumer Price Index Report for July’, released by the National Bureau of Statistics (NBS), the body that measures economic indices in Nigeria, which was released on Tuesday.
This implies that prices continued to rise in July 2021 – but at a slightly slower pace than it did in previous month, according to the report.