The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017. This was 0.05 percent points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.


Increases were recorded in all COICOP divisions that yield the Headline Index.

On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June. The percentage change in the average composite CPI for the twelve-month period ending in July 2017 over the average of the CPI for the previous twelve-month period was 17.47 percent, 0.11 percent point lower from 17.58 percent recorded in June 2017.

The Urban index rose by 16.04 percent (year-on-year) in July 2017, down by 0.11 percent point from 16.15 percent recorded in June, and the Rural index increased by 16.08 percent in July from 16.01 percent in June. On month-on-month basis, the urban index rose by 1.25 percent in July 2017, down by 0.35 percent point from 1.60 percent recorded in June, while the rural index rose by 1.18 percent in July 2017, down by 0.39 percent point from 1.57 percent in June.

The corresponding twelve month year-on-year average percentage change for the urban index increased from 18.69 percent in June to 18.43 percent in July, while the corresponding rural index also increased from 16.56 percent in June to 16.60 percent in July.

SOURCE: https://brandspurng.com/consumer-price-index-cpi-increased-by-16-05-percent-year-on-year-in-july-2017-nbs/

Interesting..

what does all these mean

Nigeria


Home of consumers

its still high...inflation plummeting the value of naira..and we are in a country where salaries are not indexed

....

Getting out of recession gradually

If price of garri n rice fit increase, wat cannot increase. This buhari era is not just it. Oozing incompetence everyday n making things tough for the ordinary nigerians. But alas, tribalism n ethnic sentiments wont allow ppl think objectively. A northerner wont vote for a southerner cos of where he comea from no matter wat he has to offer.

Mehn, nigerians deserve wat they get. Any pity is bn wasted.

Consumer price index.. .is one of the index that portrays present conditions of consumers in relationships to their disposable income...
When prices of food keeps soaring up and disposable income remains stagnant... Even some govt don't even pay salaries despite aware of cpi is one the increase.. .

Africans just love smiling and suffering due to their sentimental politics.. . APC govt performance is just 10/100....they are total failure

i don't know if i'm to say that there are very few comments of this thread.......one can boldy say that our youths or maybe nairalanders don't know how the economy works......except a few responses here.....CPI can Bleep GDP up

MicTayor:
its still high...inflation plummeting the value of naira..and we are in a country where salaries are not indexed

Salary does not necessarily need to be indexed.. But one can corelate his/her take home pay with cpi..
If cpi increased by 16% and your salary is still stagnant.. Then one can say is disposable income just got depreciated by 16% and his spending to be increased.. .Making mpc to increase and Mps to reduce

lincolnj88:

Salary does not necessarily need to be indexed.. But one can corelate his/her take home pay with cpi..
If cpi increased by 16% and your salary is still stagnant.. Then one can say is disposable income just got depreciated by 16% and his spending to be increased.. .Making mpc to increase and Mps to reduce

you are talking about correlation, i am talking about adjusting salaries to the new price level. The essence of indexing is to reduce the effects of inflation on workers' salaries.it is mostly done in the developed countries. But here in Nigeria, a worker can remain on 100k for years whereas a lot of things have changed, prices have gone high thus eroding the value or the purchasing power of static income.

Corrupt people NBS.

They demanded money for data just for me to get some data the other day.
Something that is free.

Nairalanders PH branch i am in need of help i just relocated to ph having successfully completed Nysc & i need to get myself busy pls anyone willing to help me get a job i will appreciate a lot. Thanks my people

I think inflation is slowing down on the relative stability of the price of commodities and energy because of stable forex.

Hopefully the weekly injection of dollars by the CBN will continue and state governments will start paying salaries regularly to stimulate the economy.

kings09:
If price of garri n rice fit increase, wat cannot increase. This buhari era is not just it. Oozing incompetence everyday n making things tough for the ordinary nigerians. But alas, tribalism n ethnic sentiments wont allow ppl think objectively. A northerner wont vote for a southerner cos of where he comea from no matter wat he has to offer.

Mehn, nigerians deserve wat they get. Any pity is bn wasted.

you are the tribalist. The northerners voted for obj in 2003 when buhari ran. They voted for Jonathan in 2011 against buhari again. Jonathan failed and he was kicked out. Get over the election loss and stop crying all over social media.


BTW we are voting out buhari in 2019.

MicTayor:

you are talking about correlation, i am talking about adjusting salaries to the new price level. The essence of indexing is to reduce the effects of inflation on workers' salaries.it is mostly done in the developed countries. But here in Nigeria, a worker can remain on 100k for years whereas a lot of things have changed, prices have gone high thus eroding the value or the purchasing power of static income.

that's also my point bro.. . Adjusting salaries to new price level.. Just that I wasnt direct

froz:
The Consumer Price Index (CPI) which measures inflation increased by [b]16.05 [/b]percent (year-on-year) in July 2017. This was 0.05 percent points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

SOURCE: https://brandspurng.com/consumer-price-index-cpi-increased-by-16-05-percent-year-on-year-in-july-2017-nbs/

Some stupid people can't even write English properly.

It did not increase 'by' 16.5% rather, it reduced by 0.5% from where it was 16.10% as at June, 2017.

When you say something increased by something, it simply means A increased by A(A+A)=A²

What kind of Education do people receive these days?

When you say inflation increased by 16.05%, the direct meaning is that whatever it was before, 16.5% has been added to it. Whereas, it did not increase by anything, but rather reduced by 0.5%

kings09:
If price of garri n rice fit increase, wat cannot increase. This buhari era is not just it. Oozing incompetence everyday n making things tough for the ordinary nigerians. But alas, tribalism n ethnic sentiments wont allow ppl think objectively. A northerner wont vote for a southerner cos of where he comea from no matter wat he has to offer.

Mehn, nigerians deserve wat they get. Any pity is bn wasted.

That is the nature of Agric produce. Please take time to study or read threads on Agric produce, mostly those by Olayinkami and Davi8d. You will learn about the existance of business opportunities from the trend, which has existed since 1411 BC.

davodyguy:


Some stupid people can't even write English properly.

It did not increase 'by' 16.5% rather, it reduced by 0.5% from where it was 16.10% as at June, 2017.

When you say something increased by something, it simply means A increased by A(A+A)=A²

What kind of Education do people receive these days?

When you say inflation increased by 16.05%, the direct meaning is that whatever it was before, 16.5% has been added to it. Whereas, it did not increase by anything, but rather reduced by 0.5%

He wants to score off-side political point, only to display his ignorance.

captleonerd:
you are the tribalist. The northerners voted for obj in 2003 when buhari ran. They voted for Jonathan in 2011 against buhari again. Jonathan failed and he was kicked out. Get over the election loss and stop crying all over social media.


BTW we are voting out buhari in 2019.

For who?

lincolnj88:
that's also my point bro.. . Adjusting salaries to new price level.. Just that I wasnt direct

okay bro.

davodyguy:


Some stupid people can't even write English properly.

It did not increase 'by' 16.5% rather, it reduced by 0.5% from where it was 16.10% as at June, 2017.

When you say something increased by something, it simply means A increased by A(A+A)=A²

What kind of Education do people receive these days?

See yourself?
A+A=2A. Now do you honestly think your education is any better?

to d non economist in d haws, consumer price index is a data which in the real sense measures the purchasing power of consumers..so if it goes up..then people are purchasing more either because of reduced inflation,increased employment, increased salaries or increased confidence on the economy..so if we go by this report,it means nigerians are gradually getting thier confidence to spend back...!!!!! gud news!!!!