Omo_Tier1:
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!

prologue:
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

plaetton: 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.

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?

Omo_Tier1:
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!

boron10:
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 price food. Hungry man

mrjingles:

The answer to your comment is in my post, if you can't see it then I can't help you sir.



The answer to your question is in my post I used very precise words and I'm not in the habit of being lazy in language, my words mean exactly what you see. If you cant see the answer I'm sorry about that.



You are so precisely wrong there's no point correcting you, the error in you post is self evident

taharqa: 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..

awodman:
So that is how you could comprehend his explanation?...dude I don't know whether its a case of comprehension problem or still the same hateful venom that characterizes your person

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.

Omo_Tier1:
Call it what you like... some of you are innately wicked, and you careless about the poor because you currently are benefiting from the current dispensation that jolly in deception and falsehood.

Real economics is not rocket science. If Nigerians daily are saying the hardship in the country has increased and all available data is indicating hitherto rising middle-working class with purchasing power many hope will help jump start the economy and sustain her bullish economic development and growth for years is on a spiral downfall, does it not bother you when our government reel out numbers indicating a different trend?

Let me ask you one question, what exactly has happened to the Nigerian economy in the last 30 days to warrant a 1% drop in inflation Mind you in March 2013, NBS said inflation was 9.6% and barely 30 days after, that has dropped to 8.6% ..this is what you call WOW

chess guru: Reading the comments so far, I get the idea that a lot of people are J̶̲̥̅̊u̶̲̥̅̊S̤̥̈̊τ̲̣̣̥ confusing deflation and inflation.
When someone uses the increase in price of rice or garri in his area (blindly forgetting that there are thousands of other markets scattered around the country) to debunk the figures, I J̶̲̥̅̊u̶̲̥̅̊S̤̥̈̊τ̲̣̣̥ see it as a mild confusion.
As someone said above, that inflation rate has reduced doesn't mean that price of goods won't go up (that's why its called reduced INFLATION rate), it simply points to the fact they it will increase at a more slower pace.
In order words price of commodities MUST STiLL INCREASE! But now @ a lower rate of 9.6 percent.

Tstark:

So it doesnt matter if the news isnt true? ?

samilo88: 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.

porka:

The government can keep the price as it is by systematically releasing from strategic grain reserves.

They should not allow Shylock traders mess them up.

sheyie2007:
Kongo? Dude, really?

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

enigma_otr: A fall in Inflation doesn't mean a fall in price. It only shows that price are increasing but at a decreasing rate. It's nothing to celebrate. I quit.

Policewoman: I went to market to buy garri the other day andmthe price seemed to remain constant. However all these grammar will make no meaning if the power sector remains in limbo. NEPA just dey FVCK up nowadays,

Omo_Tier1:
Inflation in simple terms is a rise in the general cost of Goods and Services, Hence the reason you compute it through CPI or through WPI.

If your claim has any basis, a slow down in the rate of price increase should see a corresponding increase in the spending power of Nigerians. Is this the case today in Nigeria

plaetton:

Did I hear you say "Strategic Grain Reserves"?

Which alternate universe are you living in?
I think you have been abroad for much too long.
lol.

porka:

The government can keep the price as it is by systematically releasing from strategic grain reserves.

They should not allow Shylock traders mess them up.

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

chess guru:
This is where your argument should have been directed in the 1st place.
I honestly can't vouch for this figures, but saying dat the figures are false based solely on the rise in price of commodities is wrong, and that was my issue with you.
The spending power is the real issue and not the rise in price, and this I believe is the real challenge any govt in nigeria will face.

miqos02: THANK YOU, they are all liars, economy is only improving in their pockets