Inflation rate in the country dropped to 8.6 per cent in March , the lowest in almost five years as the impact of higher fuel prices a year ago fell out of the calculation.
According to the National Bureau of Statistics (NBS), inflation eased to 8.6 percent from 9.5 percent in February. Prices rose 0.7 percent in the month.
The Central Bank of Nigeria (CBN) has kept its benchmark policy rate at a record 12 percent for nine consecutive meetings to keep prices incheck and bolster the naira. The inflation rate has been below 10 percent, matching the central bank’s target, for three consecutive months.
Inflation will probably remain between 9 and 11 percent this year, central bank Governor Lamido Sanusi said on March 24. While Sanusi said he supports keeping the benchmark rate unchanged, more of the 12 members of the Monetary Policy Committee are pushing for rate cuts. Three MPC members voted for a reduction in the March 19 meeting, up from two in January.
The MPC will probably keep its key rate unchanged at its next meeting on May 21-22, Johannesburg-based Absa Group Ltd. (ASA) said in an e-mailed note to clients before today’s data.
The core inflation rate, which excludes agricultural products, rose 7.2 percent in Marchfrom a year earlier, down from 11.2 percent in February, the statistics office said. Food inflation eased to 9.5 percent from 11 percent


http://businessdaynigeria.com/inflation-drops-86-percent-lowest-5-years

We keep getting Good numbers!....external reserve about hitting 50 billion dollars, excess crude acct 7 billion dollars heading to 10 billion, Naira has been very stable for d past 2yrs,a 6.5 percent forcast growth of GDP dis year, 9.8 billion dollars in FDI 2012.......

Who again was saying the economy is at the verge of collapse?

Steadily we are getting there..the next step is to make this growth to be felt by the common man

Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

Kongo? Dude, really?

sheyie2007:
Kongo? Dude, really?

^^^A 'kongo' of garri!?.....na wah for dis kind measurement.

Sounds like the measurement used if King-Kong goes market for garri.

Though it could be that seanet just finished shining some kongo, and had that on his mind, hence the freudian slip.

The same as England. Prices seems to go up on monthly basis here,but they keep telling inflation is in check.

When the going was good,the price of a commodity could remain the the same for three years in England,but not anymore.

Nigeria economy has no basis for inflation since it is an emerging market,a market full of potentials and alluring promises.

IGBO-SON:


^^^A 'kongo' of garri!?.....na wah for dis kind measurement.

Sounds like the measurement used if King-Kong goes market for garri.

Though it could be that seanet just finished shining some kongo, and had that on his mind, hence the freudian slip.

You know thats what those market women normally call that small bowl used in measuring their foodstuffs. Kinda funny though.

sheyie2007:
Kongo? Dude, really?

I was not born here.
I was born and brought up back home so i know the locality unlike you wey no know your Daddy's compound for Nigeria.

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

You are wrong, as usual. There is nothing like 'the price of 50kg is x or y'. It depends on quality and type. And for your garri price, white garri has never been the same price as yellow garri which is not also same as the price of Ijebu garri.

You are just caught up in negativity, trying very hard to downplay any and every positive news coming out of Nigeria while emphasizing the negative ones. I know GEJ's success threatens people like you and your political association, but hey, it benefits Nigerians which is what really matters.

It is a big deal that we are on a single digit inflation rate. It is a big deal that we are still improving. It is also a big deal that we have positive economic indices everywhere against the cry by Lie Mohammed that the economy is on the verge of collapse.

The investing community is watching. The global watchers are on the lookout. Things are looking good on the economic side of things. These indices that we are seeing can only come from an environment of fiscal discipline, mature budgeting system and successful FG policies. They can never come from a 'corrupt, clueless and incompetent' leadership as ACN people want us to believe GEJ's team to be.

The figures are coming out and they are running around the place telling us the price of 'rice' as if the price of 'Abakaliki rice' or 'elephant rice' has always been same as the price of 'mama gold'

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

But the data from this same NBS which claim poverty in Osun is one of the lowest in the country is being celebrated by you and other ACN e-cockroaches on another thread? Even after NBS denied it released such data, you guys clung to that particular data as if all your life depend on it.
https://www.nairaland.com/1257904/osun-second-best-least-poverty/1#15289305

But here you are telling us to disregard the inflation data from the same NBS because it portrays the president in positive light. This is the height of foul smelling HYPOCRISY.

Sincere 9gerian:
But the data from this same NBS which claim poverty in Osun is one of the lowest in the country is being celebrated by you and other ACN e-cockroaches on another thread? Even after NBS denied it released such data, you guys clung to that particular data as if all your depend on it. But here you are telling us to discountenance the inflation data from the same NBS. This is the height of foul smelling HYPOCRISY.

Guy did you hear buhari will contest in 2015, your days are numbered

Very, very GOOD development.

Weldone to the Economic Team. Hope they can hold it steady at Single Digit for sm months; that wud reali be a BIG deal for the Economy..

Obiagelli:
Guy did you hear buhari will contest in 2015, your days are numbered

So you will go and vote for buhari if he contests.......nne e na kwana.....you don go be dat!

billante:

So you will go and vote for buhari if he contests.......nne e na kwana.....you don go be dat!

MEANING?

How about the unemployment rate? Retardeen goodluck and his minions keep pulling statistics from out of their asses! Stinking fresh air!

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

Why are a you an unrepentant ruminant? Even when the facts are painted in white you must have something negative to say no matter how stupiid and ridiculous it sounds, may God continue to sharpen your memory (Amen)!

seanet01: Arrant Nonsense.
When a 50KG of Rice just jumped from N8500 to N12,000 and a Kongo of Garri now N200 all the way from N120.
Keep deceiving people

You are indeed a human-demon and pathological LIAR as usual, a bag of rice hovers between N8,500 to N9,200 while a kongo of Garri still goes for N120 and even N100 in some places, you only need 'two Giant HORNS and a long TAIL' to complete your demonic nature online

[size=16pt]To drop[/size] to 8.6 % on [size=17pt]PAPER[/size]

[font=Lucida Sans Unicode][/font] F

Here in EKITI a Kongo of Garri is now 150 and a miik of rice from 30 and 35 to 40 and 45
Arrant nonsense

All these bikini statistics. . .

What they reveal is suggestive; but what they conceal is vital.

[size=18pt]UNCLE PLEASE TELL US A STORY[/size]


https://www.youtube.com/watch?v=uHyXQFCF8uc

Inflation or not. What matters is how much i got today.

Sincere 9gerian:
But the data from this same NBS which claim poverty in Osun is one of the lowest in the country is being celebrated by you and other ACN e-cockroaches on another thread? Even after NBS denied it released such data, you guys clung to that particular data as if all your life depend on it.
https://www.nairaland.com/1257904/osun-second-best-least-poverty/1#15289305

But here you are telling us to disregard the inflation data from the same NBS because it portrays the president in positive light. This is the height of foul smelling HYPOCRISY.

bro so you get time for this anu mpama

All voodoo data. Take it with a full dose of salt and at your own peril. Do not attempt to make any viable projection about the economy based on this

Obiagelli:
Guy did you hear buhari will contest in 2015, your days are numbered

How does Buhari contesting in 2015 change the fact that inflation rate has dropped to 8.6% young lady?
I don‘t know why you people are so negative and bitter.

That the effect of these claims aren't felt immediately on the price of common commodities boils down to the greediness of most sellers. A typical Nigerian trader won't be quick to adjust his or her selling price to reflect the initial price in which the goods were once sold, even when he or she buys that same commodity at a much more lesser price now. No wonder the saying that whatever goes up never comes down as mostly propagated by these traders. I think we ourselves are the one throwing wrenches into the gear wheels of our nation's progress. Until we start being sincere, we would only be seeing these figures on papers, the effect would be far from being felt.

When will we stop deceiving ourselves and be honest for once as a nation? Who are they fooling with these data? The prices of goods have good up astronomically and the earning powers of vast majority of Nigerians have not seen proportional increase yet someone expect us to believe these data?

Is it the case that our education as a people amounts to nothing