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Nairaland Forum / Nairaland / General / Politics / Inflation Drops To 8.6 Percent, Lowest In 5 Years (11136 Views)
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Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by babestell(f): 5:24pm On Apr 18, 2013 |
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? |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by ZACHIE: 5:24pm On Apr 18, 2013 |
Even Tonto CD no drop at allllll which kain voodoo economy 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by Nobody: 5:24pm On Apr 18, 2013 |
Goodnews!!!! |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by RiKKies: 5:24pm On Apr 18, 2013 |
Do people really feel this thing? 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by Dr9ce(m): 5:26pm On Apr 18, 2013 |
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. 3 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by drberry(m): 5:26pm On Apr 18, 2013 |
Thats great news but to what end?? They help the naira only to re-loot them back ... Nothing special abeg.. |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by neksummi(m): 5:32pm On Apr 18, 2013 |
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. |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by blaid: 5:32pm On Apr 18, 2013 |
Frank-C: 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. 3 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by omiobo: 5:39pm On Apr 18, 2013 |
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. 5 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by boron10(m): 5:41pm On Apr 18, 2013 |
mightyleks: Here in EKITI a Kongo of Garri is now 150 and a miik of rice from 30 and 35 to 40 and 45It 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. |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by Nobody: 5:41pm On Apr 18, 2013 |
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? The other day Oby Ezekwsili called them to a public debate but till date,nothing has happened. Voodoo economics at work ! 3 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by lafuria1(m): 5:42pm On Apr 18, 2013 |
Frank-C: 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. 5 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by vanstanzy(m): 5:49pm On Apr 18, 2013 |
Am sorry to ask, but do they mean it dropped from 7.6 percent to 8.6 percent? Cos that's funny arithmetic to me! Just last year, they reported that inflation dropped by 7.5, 7.6 percent, lowest in 5 years and, now this? And i had half though it rose by 1.0percent. 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by 1stola: 5:51pm On Apr 18, 2013 |
yet, pure water na 10 box, no more 5 box sugar, no more five box groundnut... so WTF is this analysis about 4 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by prologue: 5:58pm On Apr 18, 2013 |
boron10: What has really dropped in prices? Services and goods. Plz, specify. 2 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by greaterlove(m): 6:02pm On Apr 18, 2013 |
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. |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by OmoTier1(m): 6:05pm On Apr 18, 2013 |
~Bluetooth: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 3 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by mrjingles(m): 6:07pm On Apr 18, 2013 |
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. 8 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by prologue: 6:07pm On Apr 18, 2013 |
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? 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by OmoTier1(m): 6:08pm On Apr 18, 2013 |
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 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by OmoTier1(m): 6:09pm On Apr 18, 2013 |
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%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! 2 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by cctvcamera: 6:13pm On Apr 18, 2013 |
Laughing |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by boron10(m): 6:14pm On Apr 18, 2013 |
prologue: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 . |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by OmoTier1(m): 6:19pm On Apr 18, 2013 |
boron10: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? |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by prologue: 6:20pm On Apr 18, 2013 |
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% 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 3 Likes |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by TechRev: 6:22pm On Apr 18, 2013 |
Their bile and negativity is always their undoing. They can never cheer at a good news, yet they expect good Crazy ppl! |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by plaetton: 6:23pm On Apr 18, 2013 |
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. 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by prologue: 6:32pm On Apr 18, 2013 |
boron10: Food inflation eased to 9.5 percent from 11 percent.... Do I need to google this too? 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by OmoTier1(m): 6:32pm On Apr 18, 2013 |
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! |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by Nobody: 6:33pm On Apr 18, 2013 |
seanet01: Arrant Nonsense.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! 1 Like |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by splashbaby(m): 6:34pm On Apr 18, 2013 |
redsun: The same as England. Prices seems to go up on monthly basis here,but they keep telling inflation is in check.for paper and thought abi |
Re: Inflation Drops To 8.6 Percent, Lowest In 5 Years by boron10(m): 6:35pm On Apr 18, 2013 |
Omo_Tier1: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 1 Like |
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