By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s inflation accelerated in August following a third consecutive month of a slower pace of increase in the Headline Index, according to the latest statistics from the National Bureau of Statistics (NBS).
Inflation rate rose 17.6 percent (year-on-year), 0.5 percentage points higher from the rate recorded in July (17.1 percent). “Increases were recorded in all COICOP divisions which contribute to the Headline index reflecting higher prices across the board,” the NBS said.
The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.
Core inflation increased to 17.2 percent compared to 16.9 percent in July. On a m/m basis prices in the “All items less farm produce” index rose at a slower pace for the third consecutive month, rising by 0.9 percent versus 1.2 percent in the previous month, the NBS added.
