FSDH said this in its monthly Inflation Watch posted on its Website.
It, however, observed moderation in the prices of some food items in August, saying the contraction in the agriculture sector might place pressure on food prices in coming months.
The News Agency of Nigeria (NAN) reports that the National Bureau of Statistics (NBS) will release the inflation rate for August on Friday, Sept. 14.
“FSDH Research’s analysis indicated the value of the naira depreciated at both the Nigerian Autonomous Foreign Exchange (NAFEX) and the parallel market at end-August 2018.
“At the NAFEX and parallel markets, the value of the naira depreciated by 0.40 per cent and 0.08 per cent to close at $/N362.65 and $/N306.15, respectively at the end of August.
“The marginal increase in the international prices of food coupled with the depreciation in the value of the naira placed an upward pressure on prices of some consumer goods in August.”
The research firm said prices of food items that it monitored in August moved in varying directions.
It also said the movement in the prices of food items during the month led to a 1.10 per cent increase in the Food and Non-Alcoholic Index.
“This index increased year-on-year by 12.76 per cent, up from 251.66 points recorded in August 2017.
“We also observed an increase in the prices of Transport and Housing, Water, Electricity, Gas & Other Fuels divisions between July and August 2018.
“We estimate that the increase in the Composite Consumer Price Index (CCPI) in August would produce an inflation rate of 11.14 per cent, same as the figure recorded in July.”