Nigeria’s inflation rate has dropped to 17.38 percent in July from 17.75 in June 2021, according to the National Bureau of Statistics (NBS).
The latest inflation rate was contained in the ‘Consumer Price Index (CPI) Report for July’ released by the NBS on Tuesday.
The CPI measures the rate of change in the prices of goods and services in Nigeria.
Nigeria’s inflation rate showed that prices continued to rise in July 2021 at a slightly slower pace than the 17.75 percent recorded in June. The fall between both months was 0.37 percent 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.
The current inflation rate was released two days after the Central Bank of Nigeria (CBN) expressed optimism that Nigeria’s inflation rate may drop to a single digit in 2022.
CBN Director of Monetary Policy Department, Hassan Mahmud, announced the projection on Friday at the virtual mid-year economic review and outlook 2021.
Mahmud said that with the full implementation of the CBN’s recent policies designed to boost different sectors of the economy, the nation’s inflation rate would be kept at bay.
In June, the National Bureau of Statistics said Nigeria’s inflation rate fell to 17.75 percent from 17.93 percent recorded in May.
The CBN official said that since the Nigerian economy recovered from the recession in the last quarter of 2020, it had maintained a path of recovery despite challenges triggered by the COVID-19 pandemic and insecurity.
“We will also see the inflation number coming down less than 13 percent by the end of the year and further down to the NBS projection of single-digit by 2022 or the middle of 2022,” Mahmud said.
“We will start seeing a downward trend in inflation numbers, particularly, headline inflation.”
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Odiong: US-based Nigerian Catholic priest convicted over sexual assault")
