INFLATION RATE DECLINES TO 15.37% IN 2017 – NBS
source: http://www.eyesoflagos.com/2018/01/inflation-rate-declines-to-1537-in-2017.html


The National Bureau of Statistics (NBS) has disclosed that the nation’s inflation rate slowed down to 15.37 per cent in 2017, making it the 11th consecutive decline year-on-year since January 2017. The Bureau, in its Consumer Price Index (CPI) December 2017 report, said inflation rate slowed by 0.53 per cent points, lower than 15.90 per cent rate recorded in November. A review of 2017 inflation rate showed that the rate opened at 18.72 per cent in January 2017 to close at 17.78 per cent in February. In March, inflation rate closed at 17.26 per cent, the second decline recorded in two months. The bureau had explained that growing prices in Housing, Water, Electricity, Gas and other Fuels, Education and Transport contributed to hike in inflation rate in the first quarter of 2017, following the unstable foreign exchange market. Economy indicator had revealed that, while economy growth declined, the rise in inflation was inevitable as falling exchange rate and rising foreign prices passed through directly to domestic prices. However, the inflation rate closed April at 17.24 per cent, 16.25 per cent in May 2017 and 16.10 per cent in June. In the third quarter, the inflation rate slowed marginally to 16.05 per cent in July, 16.01 per cent in August and 15.98 per cent in September. Towards the end of 2017, October to be precise, Inflation rate moved to 15.91 per cent in October and 15.90 per cent in November. According to Eyes Of Lagos investigation, The report released by NBS yesterday noted that on a month-on-month basis, the headline index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November. It said the percentage change in the average composite CPI for the twelve month period ending in December 2017 over the average of the CPI for the previous twelve month period was 16.50 percent, showing 0.26 percent point lower from 16.76 percent recorded in November 2017. The Central Bank of Nigeria (CBN) Mr. Godwin Emefiele at the Annual Bankers’ Dinner in November had said, “Monetary policy stance could change when the underlying fundamentals become supportive. If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process. “We believe that it may return to very low double digit or high single digit levels during the next year. Though the base effect had diminished, I expect that as the socio-economic factors that are driving food inflation are resolved the inertia therein would dissipate and the pace of headline disinflation will grow”. Analysts at InvestmentOne Research said December 2017 Inflation report may further confirm expectations for the rise in consumer prices to moderate in 2018, on the back of the high base effect of 2017 as well as the willingness of the present administration to curtail any potential increase in energy and food prices, given the negative impact it may have on re-election prospects. The InvestmentOne Research noted: “Our view remains that as we see headline inflation moderate towards the CBN’s target (11-12per cent) we are likely to see the Apex bank move to a more accommodative monetary policy. “Nonetheless, we see the on-going scarcity of PMS, which contributed to the +18per cent m/m increase in the average PMS price paid by consumers in December 2017 (c.N172/litre), as a potential downside risk to our outlook, as well as disruptions to activities in the Agriculture sector and election spending”. Elaborating on the implications, they said potential for a further decline in the rate of increase in consumer prices should be a positive for company performances in 2018, which should be a supportive of the equities market. While speaking in Lagos, Minister of Budget and National Planning Sen. Udoma Udo Udoma said, “There is so much potential in the country and it is this potential and the results of our initiatives that make the 2018 outlook so positive. “So, we are targeting a GDP growth rate of 3.5 per cent for this year and 7 per cent by 2020, and an inflation rate of 12.54 per cent for 2018 and single digit inflation of 9.9 per cent by 2020”

True.

Ok

h

This is how low Nigeria has sunk. We are celebrating a 15% inflation rate.

What was it before this failure entered Aso rock. 7% risen to 15%

When will it be reflected in pre-2015 prices at least

2019 come quick, let's root out this blood sucking government out

Why is the dollar not coming down?

lol. things are still expensive. as at today N361 to $1. the decline did not reflect on the dollar oh.

tecno and infinix phones that should have been N20,000 are now selling for N36,000 just because of inflation.

voiceoftheupcom:
INFLATION RATE DECLINES TO 15.37% IN 2017 – NBS
source: http://www.eyesoflagos.com/2018/01/inflation-rate-declines-to-1537-in-2017.html


The National Bureau of Statistics (NBS) has disclosed that the nation’s inflation rate slowed down to 15.37 per cent in 2017, making it the 11th consecutive decline year-on-year since January 2017. The Bureau, in its Consumer Price Index (CPI) December 2017 report, said inflation rate slowed by 0.53 per cent points, lower than 15.90 per cent rate recorded in November. A review of 2017 inflation rate showed that the rate opened at 18.72 per cent in January 2017 to close at 17.78 per cent in February. In March, inflation rate closed at 17.26 per cent, the second decline recorded in two months. The bureau had explained that growing prices in Housing, Water, Electricity, Gas and other Fuels, Education and Transport contributed to hike in inflation rate in the first quarter of 2017, following the unstable foreign exchange market. Economy indicator had revealed that, while economy growth declined, the rise in inflation was inevitable as falling exchange rate and rising foreign prices passed through directly to domestic prices. However, the inflation rate closed April at 17.24 per cent, 16.25 per cent in May 2017 and 16.10 per cent in June. In the third quarter, the inflation rate slowed marginally to 16.05 per cent in July, 16.01 per cent in August and 15.98 per cent in September. Towards the end of 2017, October to be precise, Inflation rate moved to 15.91 per cent in October and 15.90 per cent in November. According to Eyes Of Lagos investigation, The report released by NBS yesterday noted that on a month-on-month basis, the headline index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November. It said the percentage change in the average composite CPI for the twelve month period ending in December 2017 over the average of the CPI for the previous twelve month period was 16.50 percent, showing 0.26 percent point lower from 16.76 percent recorded in November 2017. The Central Bank of Nigeria (CBN) Mr. Godwin Emefiele at the Annual Bankers’ Dinner in November had said, “Monetary policy stance could change when the underlying fundamentals become supportive. If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process. “We believe that it may return to very low double digit or high single digit levels during the next year. Though the base effect had diminished, I expect that as the socio-economic factors that are driving food inflation are resolved the inertia therein would dissipate and the pace of headline disinflation will grow”. Analysts at InvestmentOne Research said December 2017 Inflation report may further confirm expectations for the rise in consumer prices to moderate in 2018, on the back of the high base effect of 2017 as well as the willingness of the present administration to curtail any potential increase in energy and food prices, given the negative impact it may have on re-election prospects. The InvestmentOne Research noted: “Our view remains that as we see headline inflation moderate towards the CBN’s target (11-12per cent) we are likely to see the Apex bank move to a more accommodative monetary policy. “Nonetheless, we see the on-going scarcity of PMS, which contributed to the +18per cent m/m increase in the average PMS price paid by consumers in December 2017 (c.N172/litre), as a potential downside risk to our outlook, as well as disruptions to activities in the Agriculture sector and election spending”. Elaborating on the implications, they said potential for a further decline in the rate of increase in consumer prices should be a positive for company performances in 2018, which should be a supportive of the equities market. While speaking in Lagos, Minister of Budget and National Planning Sen. Udoma Udo Udoma said, “There is so much potential in the country and it is this potential and the results of our initiatives that make the 2018 outlook so positive. “So, we are targeting a GDP growth rate of 3.5 per cent for this year and 7 per cent by 2020, and an inflation rate of 12.54 per cent for 2018 and single digit inflation of 9.9 per cent by 2020”

Nigerians grudgingly agree my govt is doing its best ― Buhari

President Muhammadu Buhari has observed that Nigerians are grudgingly accepting that his administration is doing its best given that he took over from a party that had the most resources in its 16-year reign.

Read more: https://newsworth.ng/nigerians-grudgingly-agree-govt-best-%e2%80%95-buhari/

Believe this nonsense at your on gain. Was is not the beginning of this year that price of commodities surg upward.

Hmm election is fast at the corner and the government of the day doesn't have a meaningful project or work or thing visible, tangible etc that they can boost of to the electorate .

No wonder some suspicious funny development are on very fast lane this period. If you recall there was a post about this government started and ended within it term in your state and 98% commented none and there a comment from someone that comment about Lagos-ibadan expresse way. That according to his friend, they work very well to complete the work for election.

NBS we are not interested on what's on paper rather what's on ground.

Nigerians be wise

BUT ALL THE PRICES THAT WENT UP ARE STILL UP

just one year remaining ...

apc good news be like 80 pple were killed by heardsmen in january but it has reduce to 20 pple in febuary due to our improve in security system.i min wat d f**ck

.

This morning na soso good news. Nice

When it drops to a single digit,then we can read the news...
I have never seen a government that celebrates mediocrity like this APC led federal government...

What was the rate in 2014?

Propaganda can not save you from leaving Aso rock next year.
Until you put the price of fuel, food items, dollar back to where you met them,
You will never be considered for second term

imagine, we've failed.
not clearly reflective of the true state. cos things are unbecomingly expensive.

I can't see the effect of this news in the market

Gkemz:
What was it before this failure entered Aso rock. 7% risen to 15%

inflation was 7% in 2015? Do you even think before you talk at all?

eezeribe:
When it drops to a single digit,then we can read the news...
I have never seen a government that celebrates mediocrity like this APC led federal government...

Has Nigerian ever had single digit inflation rate?

eezeribe:
When it drops to a single digit,then we can read the news...
I have never seen a government that celebrates mediocrity like this APC led federal government...

Has Nigerian ever had single digit inflation rate?

The inflation rate is still unacceptably high.

Ideally, a sound economy should have an inflation rate in the single digits i.e. not more than 6-7%.

Enemies of state over to u.. as usual na lie abi.. only bad news are true

Gkemz:
What was it before this failure entered Aso rock. 7% risen to 15%

7% inflation?

Playing opposition shouldn't amount to lying and propaganda.

Inflation reduction for where? When I dey pay more than double for transport. Food stock is still very high. It will better for this government to shut their month instead getting me angry with their idiotic statistics

naijapips04:
This is how low Nigeria has sunk. We are celebrating a 15% inflation rate.

People like you don't know what economy is all about. You want miracle. OK, please give us a solution where the decline will be drastic

All these things only manifest on paper. There's no improvement anywhere. Come 2019 someone else should take over. Lets keep rotating until we finally get it right!

this is how you will know a government has failed.

when they start throwing stats around. same thing gej did before we threw his ass back to otuoke.


people dont need stat to know things are getting better.

dollar was 365 last and same thing this year.
i bought petrol 145 last year, now im buying at 200 and more
i bought rice 13k last year and now it is 13500 and probably more somewhere.
yet these ediots are telling us inflation is reducing.

on which item exactly?