By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s inflation rose 8.5 percent in August for the sixth conservative time, according to Consumer Price Index (CPI) and inflation report released by the National Bureau of Statistics (NBS) on Monday.

NBS said the CPI recorded an uptick from the previous month. Prices rose by 8.5 percent (year-on-year), up 0.2 percentage points from 8.3 percent recorded in July. ‘’This was the sixth consecutive month of a faster increase in the pace of the headline index relative to the previous month,’’ NBS reported.

The report affirmed that the faster pace of price increases recorded in the headline index in August was as a result of increases in the twelve major Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

‘’The Food index edged higher to 10.0 percent in August, from 9.9 percent recorded in July. Prices were pushed higher as a result of higher prices in a broad array of Food groups that contribute to the index,’’ the NBS CPI report said.

According to Nigeria’s Bureau of statistics, increase in prices in the All Items less Farm Product or Core sub-index continued to be muted for the second consecutive month, after increasing at a faster pace for the previous three months. ‘’Prices rose by 6.1 percent (year-on-year), 0.9 percentage points lower from the rate recorded in July,’’ NBS said.

The report further affirmed that on a month on month basis, price increases in the headline index slowed for the third consecutive month. Prices slowed by 0.2 percentage points to 0.48 percent in August, from 0.65 percent in July.

‘’Prices slowed in all COICOP divisions that yield the headline index except for the Health, Transportation, Education, and Miscellaneous Groups and Services Divisions,’’ the NBS reported.