By Modupe Gbadeyanka

A latest report released by FSDH Research has predicted a rise in Nigeria’s inflation rate for the month of January.

In its inflation watch released on Thursday, FSDH stated that it expects the “January 2017 inflation rate (year-on-year) to increase further to 18.64 percent from 18.55 percent recorded in the month of December 2016.”

Explaining reason for the expected rise, the report said it is due to “increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the Naira.”

It further noted that the “increase in the price of diesel which is predominantly used in production of goods and services will also contribute to the rising inflation rate.”

The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of January 2017 on February 15, 2017 based on data calendar on its website.

According to the monthly Food Price Index (FPI) released by the Food and Agriculture Organization (FAO) this week, the Index averaged 173.8 points, 2.15 percent higher than the revised value for December 2016, and 16.41 percent higher than the January 2016 figure.

At its current level, the Index has reached its highest value since February 2015.

Last month’s increase reflected sharp increases in the prices of sugar, cereals and vegetable oils. The Sugar Price Index rebounded sharply by 9.9 percent in January on the heels of reports of low production conditions in the main sugar producing regions of Brazil, India and Thailand.

The FAO Cereal Price Index increased by 3.37 percent from the previous month and represents a six-month high. The increase recorded was due to the rise in the prices of wheat, maize and rice, with wheat reflecting the highest increase amid concerns over unfavourable weather conditions.

The FAO Vegetable Oil Price Index was up 1.82 percent, driven by palm oil prices, reflecting concerns over supply tightness in Southeast Asia.

The FAO Dairy Index appreciated marginally by 0.20 percent from December 2016, prices of dairy products remained relatively stable across the board. The FAO Meat Price Index was marginally down by 0.06 percent.

According to the analysis of FSDH, the value of the Naira depreciated at both the inter-bank and the parallel market.

The value of the Naira lost marginally by 0.08 percent at the inter-bank market to close at $/N305.25 while it lost 2.09 percent at the parallel market to close at $/N491 at the end of January.

The depreciation recorded in the foreign exchange rate particularly in the parallel market between the two months and higher prices in the international market put further pressure on domestic prices in January 2017.

The prices of food items that FSDH Research monitored in January 2016 moved in varying directions. The prices of garri and tomatoes were up by 7.14 percent and 2.78 percent respectively; meanwhile, the prices of palm oil and fish were down by 7.14 percent and 2.08 percent respectively.

The prices of most other food items remained unchanged. The movement in the prices of food items during the month resulted in a 0.96 percent increase in the Food and Non-Alcoholic Index to 219.72 points, while it increases in the prices of Housing, Water, Electricity, Gas &Other Fuels divisions between December 2016 and January 2017.

http://www.businesspost.ng/2017/02/04/january-inflation-hit-18-64-amid-rising-food-costs-fsdh/

Only God can come to our rescue .If you like #Standwith2baba or #StandwithBuhari,if you're not ready to do your own part towards making Nigeria a better nation,we'd still be where we are or even worse off. May God come to our aid fast.

Honestly, we have all entered one chance by voting for Bubu. Like seriously, how did we get to this point?

Can't wait for the Senior nairaland zombies to come and enlighten us on why this report is a lie.

The handwriting is on the wall. Buhari had no plan aside for his chants of corruption. By December, the economy will be unbearable.

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They threatened the shìt out of tuface

He was forced to make that video.

When buhari returns Nigerians go hear wiii

Buhari is a failure


Failbuhari.

Buhari is a chronic failure....
It happened in 1984 and it's happening now... It's not a coincidence!

this kind chanji sef nawoooh

this is the problem i have with economists and statisticians. dem too dey lie. inflation shud be 40-45% abeg. mtcheew

Let's educate these idi0ts ruling us. In, simple Economical term: inflation is a general increase in prices and fall in the purchasing value of money.
But our is called: Cost-Push Inflation, which is caused by an increase in prices of inputs like labour, raw material, etc. And the major factors can be traced to: (1) Increase in the price of Fuel (from petrol to diesel), do the maths, it has what we call a multiplier effect, couple this with the bad roads, the high rate of renewing buses papers, its only in Nigeria you pay an insane amount for a driver licence, and people are not getting it, because its too expensive. I am not talking your useless celebrities, I mean real commuters and haulers. (2) The insane and foolish Forex Policies: especially the Capital Controls introduced by Emefiele, I think this is the biggest factor, killing our economy. Mind you, Capital control is an outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. When you start putting your eyes into issues like this, you terrify investors, and they jump from your economy. ONLY an INSANE AND MAD Man who has little knowledge of economics would employ such restrictions, in ANY DEVELOPING NATION. I repeat, Nigeria isn't the country where this outright stupid law can function. It's a matter of time before the last remnant of investors disappear. THE FEW WE ARE HAVE ARE STUCK AND HAVE INVESTED TOO MUCH and PROBABLY LOOKING FOR WAYS TO DIVEST AND GET OUT!! (3) Our rubbish tax systems: you pay for stamp duties, income tax, payee, state tax, federal government tax your bank accounts, and the FIRS still comes banging your door. And then, don't forget the local government tax thugs who are all over every corner giving out tax tickets like candies (4) The closed border: why would you restrict the flow of goods when you dont have ANY Of IT. Isn't this extremely foolish and stupid? Why would you restrict vehicles through your border, when the President or any member of his family owns a manufacturing plant. Nigeria as a whole country can't even manufacture a tire let alone a whole car. You can't plant rice for 200 Million people in just one year when there is no subsidy of any sort for farmers or any template for the "Fallout Effects" may God bless GEJ, I think he got the right people working for him, atleast we know the last minister of Agriculture was functional, unlike the useless Ogbeh, Buhari's problem are the f00ls and no brainer in his cabinets. These people are annoyingly ineffective....except for Minister of Works Fashola...although a total failure in the area of power. (5) Insecurity: You think Bokoharam is a national threat? Hell no, its the Fulani cowboys. These guys are everywhere, you sometimes even run into them at Ajah, Gwarimpa, in even the richest part of the country...these marauders should be civilized. Kenya's economy was built on cows and agriculture. Imagine, we have a president who is folani, and his tribes are still acting like cavemen. it's indeed a shame. What's wrong with establishing a University of Cows and Donkey to civilize these animals? (6) The entire presidential cabinet, I am Yoruba, from that useless woman called Adeoshun, should be reshuffled. These flat feets are the worst cabinets since democracy, and the CBN governor needs to be sacked pronto, these guys are running in circle, and have no clue what they are doing. (7) an urgent need to unify the country, especially the SS and SE...bring them closer.
I hope the president isn't too atrophied to change direction, because the economy of the country is headed off a cliff.

wait oo 18% nd people are suffering like this hw will it b when it hit 30% or 40 by next two months?

I remember the frenzy of Febuhari exactly two years ago...

His supporters and resident zombies foaming in the mouth believing he is the next best thing to happen after chocolate ice cream..

Now it sounds like Failbuhari to many Nigerians...

Skyrocketing prices of foodstuff, massive job loss, inflation on the rise ,cooking gas beyond the reach of middle class, kerosene for the poor Sef.na war..

Zombies.. Over to you

We yaf enter one chance!

The earlier the demonic nomad is decimated, the better for nig!

I don't need a statistician to tell me we've got failures running the land.

ybalogs:
Only God can come to our rescue .If you like #Standwith2baba or #StandwithBuhari,if you're not ready to do your own part towards making Nigeria a better nation,we'd still be where we are or even worse off. May God come to our aid fast.

Sit and wait for God to come down and spoon feed you

It will never be well with those who brought this demon of a buhari to power.

peackiano16:
this kind chanji sef nawoooh

it is a very waaa something o!

this egbeda chick is looking hot!

We shouting that food is expensive whilst the Chinese are snapping up mining licenses and exporting all our commodities to China.

I have a Chinese client that prefers to be paid with commodities as an alternative to been paid in USD because he knows he can also trade the commodities and get like 150%ROI from the deal


My friend that went into cassava farming two years ago in Ogun state recently acquired 150arces of land and is expanding. He has the like of Guinness and NB buying his starch back to back.

The solution to our problem is to go back to the basics which is farming.

Practically everything we consume is imported and now oil prices is down yet dollar can no longer be subsidized, yet we keep consuming imported food items so what exactly do we expect?

God bless Nigeria!

dipoolowoo:
By Modupe Gbadeyanka

A latest report released by FSDH Research has predicted a rise in Nigeria’s inflation rate for the month of January.

In its inflation watch released on Thursday, FSDH stated that it expects the “January 2017 inflation rate (year-on-year) to increase further to 18.64 percent from 18.55 percent recorded in the month of December 2016.”

Explaining reason for the expected rise, the report said it is due to “increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the Naira.”

It further noted that the “increase in the price of diesel which is predominantly used in production of goods and services will also contribute to the rising inflation rate.”

The National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of January 2017 on February 15, 2017 based on data calendar on its website.

According to the monthly Food Price Index (FPI) released by the Food and Agriculture Organization (FAO) this week, the Index averaged 173.8 points, 2.15 percent higher than the revised value for December 2016, and 16.41 percent higher than the January 2016 figure.

At its current level, the Index has reached its highest value since February 2015.

Last month’s increase reflected sharp increases in the prices of sugar, cereals and vegetable oils. The Sugar Price Index rebounded sharply by 9.9 percent in January on the heels of reports of low production conditions in the main sugar producing regions of Brazil, India and Thailand.

The FAO Cereal Price Index increased by 3.37 percent from the previous month and represents a six-month high. The increase recorded was due to the rise in the prices of wheat, maize and rice, with wheat reflecting the highest increase amid concerns over unfavourable weather conditions.

The FAO Vegetable Oil Price Index was up 1.82 percent, driven by palm oil prices, reflecting concerns over supply tightness in Southeast Asia.

The FAO Dairy Index appreciated marginally by 0.20 percent from December 2016, prices of dairy products remained relatively stable across the board. The FAO Meat Price Index was marginally down by 0.06 percent.

According to the analysis of FSDH, the value of the Naira depreciated at both the inter-bank and the parallel market.

The value of the Naira lost marginally by 0.08 percent at the inter-bank market to close at $/N305.25 while it lost 2.09 percent at the parallel market to close at $/N491 at the end of January.

The depreciation recorded in the foreign exchange rate particularly in the parallel market between the two months and higher prices in the international market put further pressure on domestic prices in January 2017.God bless my co

The prices of food items that FSDH Research monitored in January 2016 moved in varying directions. The prices of garri and tomatoes were up by 7.14 percent and 2.78 percent respectively; meanwhile, the prices of palm oil and fish were down by 7.14 percent and 2.08 percent respectively.

The prices of most other food items remained unchanged. The movement in the prices of food items during the month resulted in a 0.96 percent increase in the Food and Non-Alcoholic Index to 219.72 points, while it increases in the prices of Housing, Water, Electricity, Gas &Other Fuels divisions between December 2016 and January 2017.

http://www.businesspost.ng/2017/02/04/january-inflation-hit-18-64-amid-rising-food-costs-fsdh/

God bless my country called Nigeria

This country is screwed, and that's not even the worst part of it. The worst part of it is the situation is simply hopeless. Where shall our hope come from? Why can we not get even the most basic things right?
Southern Nigeria, we all need to wake up and stop hating on each other. We can achieve more as a team than as artificial enemies.
I just wish someone would time travel back to 1913 and stab Lord Fredrick Lugard in the head.

The d.umb/redundant nomad keeps BREAKING own RECORDS at will!
#buHOROR is nig's worst blunder.

izzou:


Can't wait for the Senior nairaland zombies to come and enlighten us on why this report is a lie.

The handwriting is on the wall. Buhari had no plan aside for his chants of corruption. By December, the economy will be unbearable.

I am waiting to hear it's the past admin..they didn't save and all of that bull shiiiiit...

Incompetence is right in front of zombies and they just can't see it...

ibietela2:


Sit and wait for God to come down and spoon feed you

Must you comment? If there's nothing good for you to say why not just read and pass? Some people sha.

lielbree:
They threatened the shìt out of tuface

He was forced to make that video.

When buhari returns Nigerians go hear wiii

the protest will still go on


Nigeria is bigger than tuface

And yet they ask what is the motive for feb 6th? People who act as if we are not feeling the heat.... Guess they will blame it on GEJ... Bunch of retards... Why was it not like this during the last administration? Why was dollar not #500? why was inflation not this high? Why was price of essential commodities not very high? Too bad. Please dont quote me cos i will not reply ...

Anticorruption:


the protest will still go on


Nigeria is bigger than tuface

How? Who is organising?

lielbree:

How? Who is organising?

EIE