Please can someone explain what this means in plain english. I unfortunately find it difficult to relate this information with my everyday market purchases or is it that the 2 shouldn't be compared. I though a drop in inflation means a drop in prices of food produce?

Even Tonto CD no drop at allllll
which kain voodoo economy

Goodnews!!!!

Do people really feel this thing?

falsehood! people are getting poorer...unemployment on the increase...what do you expect when the purchasing power of the masses is getting weaker by the day...this is what we call a 'false positive'..pls don't be deceived.

Thats great news but to what end?? They help the naira only to re-loot them back ... Nothing special abeg..

That doesn't stop me from doing what I know how to do best, helping people make money online:
https://www.nairaland.com/1142592/lets-team-up-ensure-all/

We're enjoying it with my guys.

Frank-C:


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'

wow it's a pity u guys like to trivialise and politicize issues what do those numbers translate to for an average Nigeria? it's a shame but poverty.

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

Thank you! All na paperwork. Foundation is the strength of a building. The growth in the economy claimed by GEJ and e-lizards has no foundation. No stable power,poor infrastructure,poor transportation system e.t.c,how do we celebrate over such growth? there's nothing to be celebrated except the individual effort of the good citizens.

mightyleks: 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

It is folly to use the increase in price of just two commodities to debunk the overall claim. Have you tried to observe the prices of goods and services in other sectors?

We should atleast be happy that Good news is coming from Nigeria.

Omo_Tier1: 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

The other day Oby Ezekwsili called them to a public debate but till date,nothing has happened.

Voodoo economics at work !

Frank-C:


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'

i guess u have comprehension problem. he wasnt comparing prices of different brand, he is talking of a single brand that cost 8k and now 12k. at least he has some figures with him, do u have any to prove inflation is reducing. even to those who didnt go to school, when inflation drops, prices should drop, but in nigeria, its different. whats the point of having good figures when the reality is different but to you, its all about politics.

yet, pure water na 10 box, no more 5 box sugar, no more five box groundnut... so WTF is this analysis about

boron10:
It is folly to use the increase in price of just two commodities to debunk the overall claim. Have you tried to observe the prices of goods and services in other sectors?

We should atleast be happy that Good news is coming from Nigeria.

What has really dropped in prices? Services and goods. Plz, specify.

I think inflation has been in check, i was having a discussion with one of my client on how stable the economy has been under Goodluck Jonathan unlike the unpredictable nature of it during the OBJ era. Anybody in the building industry knows he or she once bought cement for N1900 in this country but now i bought cement for N1600 and between N1500-N1560 if i am buying wholesale depending on the quantity. Though we want more to be done, but we cant deny the fact that the economy is improving.

~Bluetooth:



The other day Oby Ezekwsili called them to a public debate but till date,nothing has happened.

Voodoo economics at work !

I find it bizarre that even Okonjo-Iweala could not summon the courage to engage Dr. Oby in a public debate The much respected the international community had for her had gone like the wind.

Maybe people really do not understand what an inflation drop actually mean in terms of living standards and purchasing power of the citizens This na real voodoo economics

When inflation drops it DOES NOT mean prices drop. It means prices increase at a SLOWER RATE, as a rough example, 10% inflation rate means the GENERAL PRICE LEVEL increases from say 100 to 110 (this is calculated for a representative GROUP of commodities) some individual goods may experience higher than or lower than 10% so if the rate drops to 8% it does not mean prices drop from 110 but it means the level INCREASES by 8% instead of 10%. The benefit is that interest rates generally drop and this encourages demand for credit, boosts investment and creates jobs, it also helps stabilize the exchange rate. Its generally a dynamic balancing act. Prices APPEAR to remain static in some economies because they have very low rates of inflation of about 1.5-3%

What most of us are wishing for is DEFLATION which is a deadly thing to any economy, Japan had long period of deflation and that has almost crippled the export industry and the economy has stagnated with interest rates at 0% demand refused to increase. They Bank of Japan is now trying to devalue the yen in order to make Japanese exports cheaper to jumpstart the economy. Lets not lose sight of the fundamental issues please.

greaterlove: I think inflation has been in check, i was having a discussion with one of my client on how stable the economy has been under Goodluck Jonathan unlike the unpredictable nature of it during the OBJ era. Anybody in the building industry knows he or she once bought cement for N1900 in this country but now i bought cement for N1600 and between N1500-N1560 if i am buying wholesale depending on the quantity. Though we want more to be done, but we cant deny the fact that the economy is improving.

Was it the dynamics of an improving economy that brought doWn d price?

greaterlove: I think inflation has been in check, i was having a discussion with one of my client on how stable the economy has been under Goodluck Jonathan unlike the unpredictable nature of it during the OBJ era. [b]Anybody in the building industry knows he or she once bought cement for N1900 in this country but now i bought cement for N1600 and between N1500-N1560 [/b]if i am buying wholesale depending on the quantity. Though we want more to be done, but we cant deny the fact that the economy is improving.

Does the bold not confirm the stupidity of some of you? If during Obasanjo's time cement was sold at N1900 and reforms where brought in to allow Dangote to produce cements bags in Nigeria at huge discount by the government at couple of years down the line you are still buying cement for N1650, does that not tell you the current government is a failure?

Some of you really need to use your brains rightly

mrjingles: When inflation drops it DOES NOT mean prices drop. It means prices increase at a SLOWER RATE, as a rough example, 10% inflation rate means the GENERAL PRICE LEVEL increases from say 100 to 110 (this is calculated for a representative GROUP of commodities) some individual goods may experience higher than or lower than 10% so if the rate drops to 8% it does not mean prices drop from 110 but it means the level INCREASES by 8% instead of 10%. The benefit is that interest rates generally drop and this encourages demand for credit, boosts investment and creates jobs, it also helps stabilize the exchange rate. Its generally a dynamic balancing act. Prices APPEAR to remain static in some economies because they have very low rates of inflation of about 1.5-3%

What most of us are wishing for is DEFLATION which is a deadly thing to any economy, Japan had long period of deflation and that has almost crippled the export industry and the economy has stagnated with interest rates at 0% demand refused to increase. They Bank of Japan is now trying to devalue the yen in order to make Japanese exports cheaper to jumpstart the economy. Lets not lose sight of the fundamental issues please.

Does an increase of a bag of rice from N6,000 to N13,000 and some brand now cost N18,000 a small increase Dude use your brain!

Laughing

prologue:

What has really dropped in prices? Services and goods. Plz, specify.

I don't really know, but the prices of most goods and services have remained stable for a long time now. You obviously do not understand what the 8.6% stands for.

It means on the average, the prices of all goods and services in the country have increased by just 8.6%.

Google inflation to get yourself more educated .

boron10:
I don't really know, but the prices of most goods and services have remained stable for a long time now. You obviously do not understand what the 8.6% stands for.

It means on the average, the prices of all goods and services in the country have increased by just 8.6%.

Google inflation to get yourself more educated .

An in your wisdom you have refused to test this hypothesis yourself to see if this is the case? How much was a bag of garri 12 months ago and how much is it now? I mean just sample few goods and services, can you confidently say their corresponding increase is 8.6% as you claimed?

mrjingles: When inflation drops it DOES NOT mean prices drop. It means prices increase at a SLOWER RATE, as a rough example, 10% inflation rate means the GENERAL PRICE LEVEL increases from say 100 to 110 (this is calculated for a representative GROUP of commodities) some individual goods may experience higher than or lower than 10% so if the rate drops to 8% it does not mean prices drop from 110 but it means the level INCREASES by 8% instead of 10%. The benefit is that interest rates generally drop and this encourages demand for credit, boosts investment and creates jobs, it also helps stabilize the exchange rate. Its generally a dynamic balancing act. Prices APPEAR to remain static in some economies because they have very low rates of inflation of about 1.5-3%

What most of us are wishing for is DEFLATION which is a deadly thing to any economy, Japan had long period of deflation and that has almost crippled the export industry and the economy has stagnated with interest rates at 0% demand refused to increase. They Bank of Japan is now trying to devalue the yen in order to make Japanese exports cheaper to jumpstart the economy. Lets not lose sight of the fundamental issues please.

Has naira improved in value with this news? Prices are shooting higher generally n lower denominations of the currency are going extinct. Plz educate me

Their bile and negativity is always their undoing. They can never cheer at a good news, yet they expect good Crazy ppl!

Another April fools joke that is 18 days late.

Nigerian seems to be the biggest psychiatric ward in the planet.
We not only dupe others but we also turn own selves into maga and dupe ourselves everyday?

We believe so much in supernatural, miracles and voodoo magic, that we even engage in voodoo economics.
The inflation numbers being touted above seems to have been conjured up by a series of ... abracadabras.

Now to the serious issue.
Does anyone know or can anyone volunteer to enlighten us as to how inflation is calculated in Nigeria?

I will give you a clue.
In the colonial era, when Nigeria's economy was mainly an agrarian and cash crop economy, inflation was calculated using the price movements of a basket of exportable cash crops such as groundnuts, coconuts, oranges, mangoes, cocoa, etc.
Today, circa 2013, inflation is still being calculated using the same basket of agricultural cash crops.
You dont agree?
Do the research.

So when the government tells us that inflation is 8.6%, it should elicit nothing but laughter from us.

boron10:
I don't really know, but the prices of most goods and services have remained stable for a long time now. You obviously do not understand what the 8.6% stands for.

It means on the average, the prices of all goods and services in the country have increased by just 8.6%.

Google inflation to get yourself more educated .

Food inflation eased to 9.5 percent from 11 percent.... Do I need to google this too?

TechRev: Their bile and negativity is always their undoing. They can never cheer at a good news, yet they expect good Crazy ppl!

You cheer at falsehood? ...no wonder your life is this way Wake up and speak uprightly.This nation will never attain the development we all seek if we do not tell ourselves the hard truth and do what is right!

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

BIG LIE!, Not in all places Bro.
A bag of Rice in Ikeja reduced to btwn 9.2K and 9k from 10K, I was wondering why until I read this.
Maybe you need to change your market
I seriously think we're on the right path to greatness after all, if only we can come together to make this union work better.
God Bless Nigeria!

redsun: 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.

for paper and thought abi

Omo_Tier1:
An in your wisdom you have refused to test this hypothesis yourself to see if this is the case? How much was a bag of garri 12 months ago and how much is it now? I mean just sample few goods and services, can you confidently say their corresponding increase is 8.6% as you claimed?

Take a look at the Price of electronics, mobile phones, calls, clothes, transportation etc and tell me how the increases have been up to 8.6%. It's obvious you're only concerned about the prices of food products. Hungry man