londoner:
Its good news. If the drop in prices are not being passed on to the consume, customer it may b the ordinary Nigerians/shop/stall owners that you are buying from that are not passing on the saving.

As far as I can tell, Nigerians do not buy food, such as garri directly from the federal government.

ducii:


Your Assertions are wrong, Nigeria's Inflation went up consistently for 6months straight this year, did you see the prices of garri or your rent go up?

It doesn't work like that my friend.

erico2k2:

Ok no problem how does it work?
I live in a society where prices gooes according to inflation ie my mortgage .petrol and credit card bills..So I can atest to how it works.whats your storey?

ducii:


Sorry what country is that?.

The UK inflation as at the end of September, 2014 is 1.2%, and as at September, 2005 it was 2.4%. So are you telling me that mortgage re-payments have reduced by half of what it used to be in 2005, or that the prices of Petrol is now half the price of what it used to be in 2005.
I don't Know where you live but if you Look at prices of petrol (taking the UK as a for instance) you will find that the price of petrol has almost doubled over the said time (2005-2014).

The Inflation rate is computed monthly, so your Mortgage or rent can not be changing every month, so also is the price of petrol, nor your credit card repayments.

There are other factors that also affect the prices of consumer products other than just Inflation.

12inches1:
*sigh* FINALLY!!! Something on the frontpage that affects the price of garri #TEAMGARRI

erico2k2:

You are wrong, non fixed mortgage changes in interest,ask well,your interest rate changes with inflation,Petrol prices change with inflation on daily bases hence diff petrol station have different price ask anyone You know who drives in the UK.You just agreed with me on the point that everyday item dont go up or down as a result of inflation hence I use Rent ,transport as examples.
read this
http://www.bbc.co.uk/news/10612209
Now I can categorically tell you that we never felt this change as men on ground here in London,Food never went Cheap,Rents never went cheap,clothes never went cheap,Bread never went cheap if for anything the went UP,As you can see,Nigeria is non Different, we just have to have a basic understanding on how inflation works

phantonce:
I can't take it anymore.
Prices of good and services only seem to be decreasing on pages of newspaper.
This administration is so clueless that they have decided to bask there glory only on cover of newspaper.
They should stop confusing us with grammar and tell us in simple term who and what have benefitted from there "achievement".
I really don't understand how this people sleep at night knowing that millions of nigerians are sleeping on empty stomach.
Yet they have the gut and effrontery to make this scalpious statement.

Bunch of schenanigans

Billyonaire:
Travel to London and come back. I am sure you will not repeat what you just wrote. You can only appreciate what you have when you have tasted the other side.

phantonce:
I can't take it anymore.
Prices of good and services only seem to be decreasing on pages of newspaper.
This administration is so clueless that they have decided to bask there glory only on cover of newspaper.
They should stop confusing us with grammar and tell us in simple term who and what have benefitted from there "achievement".
I really don't understand how this people sleep at night knowing that millions of nigerians are sleeping on empty stomach.
Yet they have the gut and effrontery to make this scalpious statement.

Bunch of schenanigans

ducii:


* You are getting it wrong, the prices of petrol are not cheaper in different filling stationS because of inflation. Remember it is one country, and the rate of inflation is the same for everybody. Now why the price of Fuel will be cheaper in places like say Tesco or Sainsbury's as opposed to smaller petrol station or one of the franchised shell petrol station is because of buying power. The bigger petrol stations are able to negotiate better deals from marketers, while the other smaller indigenous Petrol Stations buy at very high prices, and are going to sell at prices where they can make some profit.
And Don't forget also that 50% of the pump price of petrol in the UK are government Fuel Taxes imposed on the transportation of fuel by the Government. So 50% of cost is already fixed.

*Mortgage rates varies, depending on the deal you got and the institution you are getting it from, maybe because of your finances or credit history.
A loan shack might not be able to give you a good mortgage deal as maybe a Natwest, or a Llyods would, because he is obviously borrowing at a higher rate than a well established financial institution would.
When getting a mortgage you are offered a FIXED rate or a FLOATING rate, some institutions merge the two, that is you are given a fixed rate in the First year, then it changes into a floating rate then afterwards.

The Fixed rate is fixed, while the Floating rate tracks LIBOR (That is the rate at which banks borrow money from each other) when LIBOR is up your mortgage repayments goes up, and when it is down your mortgage repayments also goes down.

AirborneLacer:
Whilst China's slows to near five-year low.

0.2 percentage fall is still an upgrade for this nation.

erico2k2:

I employ you to read and check the inflation os societies like the UK.the US and china.U will see it.coming down amd prices dont come down.things like bread.rent.transport Grocerries.my friend get acquinted in proper economics and know the meanings of subject matter and comment meaningfully.
PS. If the rate goes up next month would your house rent increase?is it compulsery fuel price goes up?try and understand the effect of inflation on the common man b4 U comment

CFCfan:

At least, it much better than the 50% recorded in the aftermath of IBB's resignation in 1993, or the double digit figures of the OBJ era.

But there is still room for improvement. The ideal inflation rate should be lower than 5%.

aztec007:
People need to understand what inflation itself means, that is, a rice in prices. Hence when they say inflation fell, this does NOT imply that prices in the market place fell, instead it means that prices did not rise AS FAST as they use to, but prices are still rising. Inflation is one of those concepts few people really understand.

ducii:


Your Assertions are wrong, Nigeria's Inflation went up consistently for 6months straight this year, did you see the prices of garri or your rent go up?

It doesn't work like that my friend.

olajide8:

Looking critically at it the expenditure pattern was presumed because they felt elections were about to start- the price of food items increased because of increase cost of transportation and the occasional scarcity here and there - how do you explain the in ability of government to be unable to release funds timely for need containment of diseases like ebola - and late disbursement or reduced disbursement to states- and then they say people are spending more- I am actually on ground- hands on* and an entrepreneur - businesses have closed down more and more people are looking for jobs* because they can't sustain their businesses- my submission*

olajide8:
I still beg to defer on the prices of items - increase in price and reduction in purchasing power (dis-economics) as against increase in price and the same quantity being purchased (inflation)-
When did konga and jumai become a yardstick of actual measurement of items in the market? Do they even sell mudu garri and raw tomatoes? We run a system where the actual cost of items can not really be determined by jumai* buttressing more jumai doesn't actual produce, they serve as a channel and look for how to make profit as middle-men, and the size of their market share in terms of income, showing their turnover and not their actual profit* - so please don't get it wrong, they statisticians and finance ministry, goes to the supermarket to buy, we go to markets in hinterlands, buy yam along the expressway, -
I would like, too also defer on one very important thing- nobody/entrepreneur, starts a business with an intent of failure - they battle collecting loans and hustle from pillar to post to make sure it survives-consumers, but sometimes things greater then them come into play- can you actually tell me the amount of grains consumed per month, the bags of garri purchased, mudu of beans consumed during that period and what is consumed presently today* and measure that peri-pasu the cost of the food items and what is consumed today*

Hamazz1:
its lk u dnt seem2 undrstnd wht m saying i agree wt u completly wht m saying is that 4objectively critising those inflation figures n statistics of the govt u ll b branded bh or bh sympatizer..simple.bc anybdy seen 2b critisizing d govt automatically bcms bh.

ducii:


I agree with you that a slight increase in inflation might affect ones disposable income, but I am saying that prices of goods going up are attributable to more important factors other than just a slight increase/decrease in inflation.

I used Konga.com as a yardstick for a business that is doing very well( remember in your earlier post when you said businesses were failing in Nigeria.)

The issue is that sometimes businesses fail because of the level of Education of some of the business owners. I was having drink with a bank manager a few months ago, and I asked him, why SMEs could not get loans from the banks, he told me that the good businesses, that are run properly get, but that some business owners could not articulate what they wanted, how much they needed.
He gave me an example about a trader who came to the bank, looking for a loan and brought along his sales invoice from the day of inception (there where over 50 booklets) Now that is a lot of invoices, do you think the banks have the time to be going true all his invoices to see how well his business was doing, the answer would be NO.
In the long run he just told the guy that the bank has no money.

erico2k2:

Ok fair enough however why would anybody criticize these figures when they are in the public domain, you can get the figures from World bank, there is nothing hidden.

erico2k2:

Ok fair enough however why would anybody criticize these figures when they are in the public domain, you can get the figures from World bank, there is nothing hidden.

Hamazz1:
its nt jst abt ds figures any technocrat can churn out such numbrs bt hw does it affect impct on d life of the common man u claim inflation has drpd yet d purchasing power of the naira is still poor..

Hamazz1:
its nt jst abt ds figures any technocrat can churn out such numbrs bt hw does it affect impct on d life of the common man u claim inflation has drpd yet d purchasing power of the naira is still poor..