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Nairaland Forum / Nairaland / General / Business / Nigeria’s Inflation Declines For Nine Consecutive Months (7876 Views)
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Nigeria’s Inflation Declines For Nine Consecutive Months by Truth234(m): 5:48am On Nov 16, 2017 |
The continuous effort of the Federal Government to rein in on consumer prices has started yielding results. The Consumer Price Index, which measures inflation rate rose 15.91 percent year-on-year in October, according to the National Bureau of Statistics (NBS) report released on Wednesday. This was lower than the 15.98 percent recorded in September and represents the ninth consecutive decline in the headline inflation. Also, while average yearly inflation number for the first five months of the year stood at 17.45 percent, average headline inflation from June to October 2017 improved to 16.01 percent. Indicating that pace of price increase is gradually slowing down in relation to the fairly stable foreign exchange market. On a monthly basis, inflation surged 0.76 percent in October, also 0.02 percent better than the 0.78 percent recorded in September. Making it the fifth consecutive month-on-month inflation headline is contracting. However, despite the noticeable improvement in the headline inflation, the Food Index surged by 20.31 percent year-on-year in October, down slightly by 0.01 percent when compared to the 20.32 percent recorded in September. Still, this is high and has continued to erode consumers’ buying power, especially when the average price of the first five months (18.67%) of the year is compared with the June-October average of 20.22 percent. Meaning, headline inflation is merely aided by the surged in forex liquidity due to rising global oil prices. In April, the Federal Government had introduced series of forex policy to rein in on high foreign exchange and better stimulate the economy. While the Investors and Exporters forex window has been helpful in easing economic gridlock it has failed to curb rising food prices. The Federal Government released its 2018 proposed budget of N8.6 trillion in November, saying the budget would consolidate on previous accomplishments. The Naira remained fairly stable against the US dollar, trading around N363 per dollar. http://investorsking.com/nigerias-inflation-declines-nine-consecutive-months/ mynd44 2 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Nbote(m): 6:15am On Nov 16, 2017 |
Consumer prices are still high and are set to even go higher with some items like rice and other Fud items already on d trajectory.. 6 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by GavelSlam: 6:36am On Nov 16, 2017 |
Someone isn't happy. It boldly says for ninth consecutive month inflation has fallen but he cannot stomach it. ![]() 12 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by wildcatter23(m): 8:22am On Nov 16, 2017 |
Wish it would translate to cheaper goods for Xmas 2 Likes
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Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Flexherbal(m): 8:22am On Nov 16, 2017 |
Nice one ! 4 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Secretgis: 8:23am On Nov 16, 2017 |
shift 1 Like |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by fmlala: 8:23am On Nov 16, 2017 |
good news 5 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by praxisnetworks: 8:23am On Nov 16, 2017 |
![]() Fake news on paper. 5 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by drey22(m): 8:24am On Nov 16, 2017 |
Government of deceit...2019 is almost here. You all will be mugabaed from that office Like if you cant wait for 2019 19 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by asawanathegreat(m): 8:25am On Nov 16, 2017 |
And we still dey struggle to buy food stuffs |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by birdsview(m): 8:25am On Nov 16, 2017 |
Grammar Grammer Grammar..index this ,index that..Till prices of consumables drop to a reasonable level..only till then... ![]() 3 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Samusu(m): 8:25am On Nov 16, 2017 |
OK, noted 1 Like |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by thawgy(m): 8:26am On Nov 16, 2017 |
0.8 percent decrease when it rose to about 250 percent? Whoever wrote this headline is a bastard 4 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Ijaya123: 8:26am On Nov 16, 2017 |
drey22: Why are you so bitter with the news? If the news had said inflation is on the increase, you probably would have liked it and even jubilated about it. Well as you and your likes rejoice in bad news, may you all be surrounded by them. And as you detest good news, may it be far from you. Amen. 26 Likes 3 Shares |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Dannyset(m): 8:27am On Nov 16, 2017 |
It is good that this Govt has made Rihana's hit song its ringtone. All we do now is "work work work work work work" . ![]() ![]() It's very good. Things are gradually getting better. 2 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Nobody: 8:27am On Nov 16, 2017 |
drey22: Wake up, it is day break You should wake up and stop whining 7 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by pilarnig(m): 8:28am On Nov 16, 2017 |
This is a good one but we need to start feeling the impact Ooo. If not we no go believe 1 Like 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by AdebisiAdeyinka(m): 8:28am On Nov 16, 2017 |
Good news or bad news? abeg today na my birthday show some love 8 Likes |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by davodyguy: 8:29am On Nov 16, 2017 |
When l to get to shoprite in Sunday, I hope to see price drop on food and household goods 1 Like |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Ogonimilitant(m): 8:29am On Nov 16, 2017 |
Government of lies. Propaganda and deciet. I will beleive this government only when l buy a bag of Rice N7K they met it when they took over. APC is only visible in the media |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by laffwitmi: 8:29am On Nov 16, 2017 |
Thank u sai baba for taking us out of recession gej put us Sai baba till 2023 5 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Nobody: 8:31am On Nov 16, 2017 |
Truth234: Thanks for sharing Does this suggest any real growth or did we just wait out the storm? Our revenue must be diversified so we won't always be at the mercy of global oil prices 1 Like |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by FarahAideed: 8:31am On Nov 16, 2017 |
Lies , the office of the Statitician General has been co opted into a grand scheme of lies to dish out false statistics nean to hoodwink gullible Nigerians but they have forgotten we all go the consumer market and nit a single price of any good has dropped but rather some of them are even increasing still. |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Ijaya123: 8:32am On Nov 16, 2017 |
asawanathegreat: You mean you and your family? 7 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Saao(m): 8:33am On Nov 16, 2017 |
GavelSlam:I wonder how some of u reason when it comes to politics or sentiment. Economy was handover to Buhari with inflation on single digit now u are celebrating 15.9% inflation rate. 2 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by diegwu01: 8:42am On Nov 16, 2017 |
PMB has been shaming a lot of haters lately 6 Likes 1 Share |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by lukaino(m): 8:44am On Nov 16, 2017 |
but why are food prices still telling us the opposite?? |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Caseless: 8:45am On Nov 16, 2017 |
Sai baba! |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by sanpipita(m): 8:45am On Nov 16, 2017 |
GavelSlam: What is there to be happy about, we had single digit inflation before this govt came and made it double digits, the effects have been strenuous, returning our inflation rates to a single digit will be what can make people happy not this. |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Truth234(m): 8:46am On Nov 16, 2017 |
alignacademy: The current growth is not broad-based and directly proportional to the surge in global oil prices. Therefore, to sustain economic recovery and contain consumer prices, FG needs to diversify the economy as you stated. |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by Getintouch2004(m): 8:49am On Nov 16, 2017 |
A mudu of garri is still #300. Now where is it affecting people positively? Abegiii 1 Like |
Re: Nigeria’s Inflation Declines For Nine Consecutive Months by smirn(m): 8:52am On Nov 16, 2017 |
drey22:For your mind na only you go vote for 2019. 1 Like 1 Share |
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