World bank says Nigeria’s 2024 inflation rate will drop to 24.8 per cent

[Charles-Tim]

We can see as the naira appreciated so much in price against United States dollars and other foreign currencies. Also the price of imported products have decreased significantly but the price of local foods and other local products are still high and some increase the more. I hope the world bank will be right about this.

https://www.channelstv.com/2024/04/09/world-bank-says-nigerias-2024-inflation-rate-will-drop-to-24-8-per-cent/amp/

Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101.

I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living.

Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices.

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[Cryptoprincess101]

Merely seeing the naira gaining more strength day by day is a sign that we should be optimistic that things is going to get better though the effect may not be sudden but gradually because when traders begins to see that imported products are reducing in price, definitely they will also reduce the price of local products because if they don't, they know the aftermath because people will literally patronize more of the imported products instead of the local ones .
I know that our government have failed us to an extent that even when everything is being brought with evidence, some of us will still be in doubt but I think that for the World bank to recognize that Nigeria's inflation rate has reduced by 24.8 percent means that there is better hopes in the future so let us not be tired of believing that a positive change is gonna occur in less than no time.

[EL MOHA]

Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices.

What type of local products are we talking about here the ones we produce or the one’s we imported in. The ones we produce aren’t coming down because it wasn’t only the dollar that affected their hike prices alone. Things like energy needed for power also played its role (petrol and gas) and if we look at them they are still not coming down alongside the dollar rate right now.

As for those imported I think it has to do with our selfishness you will see retailers complaining that they have to sell off this products first and only reduce the price when they buy new one. But this ideology fails to work when it is the other way round. One thing that this period is telling us is that we need a good regulatory system on this things.

As for inflation I don’t know the yard stick use to measure its decrease but demand is still high to me even though people have cut down there living cost

[Charles-Tim]

What type of local products are we talking about here the ones we produce or the one’s we imported in. The ones we produce aren’t coming down because it wasn’t only the dollar that affected their hike prices alone. Things like energy needed for power also played its role (petrol and gas) and if we look at them they are still not coming down alongside the dollar rate right now.

Local products are produced locally. I mean what are produced in Nigeria are the local products. Those imported are foreign products.

Petrol price stayed stable at around ₦640 to ₦660 or so since many months ago till this time.

The complainant is about diesel used to power the plants used in manufacturing. Diesel went up to as high as ₦1900 and sold last month at ₦1700. Dangote is selling diesel between ₦1200 to ₦1300 now.

As for those imported I think it has to do with our selfishness you will see retailers complaining that they have to sell off this products first and only reduce the price when they buy new one. But this ideology fails to work when it is the other way round. One thing that this period is telling us is that we need a good regulatory system on this things.

I am only referring to local products.

[Kelward]

I de glad say our naira don de regain some strength if you pair am with dollar, and I hear say most of our foreign made goods don de reduce for price, based on di gradual increase on di value of naira. But my biggest worry be say every locally manufactured goods, especially consumables like bread, drinks and even farm products wey no need any refining, still de increase in price reach now wey I de type dis comment. My wife de complain bitterly say dis week, food stuff still de add money evendo say naira don de gain value, di matter just tire us. I no see any major reason why locally produced items go still de add money for market, because since last month reach now, I no see wetin fit to warrant dis constant price increments for none imported goods, na only God, go help di common man for dis country.

[Jegileman]

The reason for some products to come down significantly after the Naira appreciated against the United States dollar is because those products are mostly imported products and are bought with the use of dollars, hence the appreciation of Naira against dollar will cause the price of those goods to fall significantly.

The local products that are yet to come down is because of high cost of petroleum products in the country that most factories that produce those local products use as their main source of energy. World bank is now wrong by saying Nigeria inflation will reduce by 24.8% because most of the products we use in the country are imported. Without a decrease in the cost of petroleum products in the country, we won’t see a fall in price of local products.

[Amphenomenon]

What type of local products are we talking about here the ones we produce or the one’s we imported in. The ones we produce aren’t coming down because it wasn’t only the dollar that affected their hike prices alone. Things like energy needed for power also played its role (petrol and gas) and if we look at them they are still not coming down alongside the dollar rate right now.

Local products are produced locally. I mean what are produced in Nigeria are the local products. Those imported are foreign products.

Petrol price stayed stable at around ₦640 to ₦660 or so since many months ago till this time.

The complainant is about diesel used to power the plants used in manufacturing. Diesel went up to as high as ₦1900 and sold last month at ₦1700. Dangote is selling diesel between ₦1200 to ₦1300 now.

Truly this is the main issue once Diesel price reduces more, Rice and Beans prices which are the main food we consume may also reduce significantly and this may influence the local taxi drivers and many other businesses to reduce their price of goods and services.
Though the petrol price will probably reduce also, though it ranges from ₦577 to ₦700 depending on  the state/area
https://carmart.ng/blog/fuel-price-in-nigeria-today/

Another thing to reduce will be the cooking gas which is currently around ₦1,300 while the diesel and petrol have experienced some drop the cooking gas as been somehow an exception.
If these three or mainly cooking gas and diesel reduce in price things will actually become much more better for us economically

[RockBell]

It is clearly evident that the dollar is not a true measure of value because, when considering the entire economy, there are very few industries that use the currency. Furthermore, the manner the prices of things surged was frightening, and now that the dollar is declining, they want the prices to gradually decline as well. When you think about it, all of this is just human manipulation. The government's proposed action is quite audacious, and the economy would benefit from it all if the rate of inflation declines. And the prices of things coming down they won't have a choice than to also drop the price of commodity over time. Because the way inflation rate was going up, it was making life unbearable for people. If not for Nigeria  how does dollar affect local products. Very surprising.

[Agbamoni]

That is one thing about Nigerians. Now that imported goods and services are decreasing in value it is good that our local products accept the changes and create balance in the country. At first, it is our local products that is supposed to be cheap and affordable but it's now the opposite. However, i believe with time the price of local products will reduce if there are more complains about it.

[AVE5]

While we don't have conceivable knowledges of exchange values between the local sellers and their vendors, lets stil assume that probably the reduction of goods prices would grind down simultaneously.
To me, the local trading sectors would always hold the cost of petrols more responsible than that exchange rate of our naira to dollar because most of these local traders trades on local made items and their points of hiking the prices of goods lyes on transportation rate.
So, let the federal government also look towards that Sector and also, be able to set up commissions to be watch any vendor of both local and importer whom is due to reduce the price of their services to be maintained cordially so other exchange rates can also be balanced just as you at Oga Charles-Tim has already smelled the beautiful changes from your end.
It still blows hot here at my end though and I believe it'd still be one of the gradual processes as earlier said.

Indeed the federal government could be right and we hope they keep up with the good work if truly they don't have a dimension of diverting the scenarios to their interests in the other way round that we might be unable to denote.
We hope for better governance and counting on the government.
Above all, we're progressing and hoping for more.

[Charles-Tim]

While we don't have conceivable knowledges of exchange values between the local sellers and their vendors, lets stil assume that probably the reduction of goods prices would grind down simultaneously.

I also hope so. But no much effect as of now and the government are looking as there is deflation in the country but inflation still exist in local products.

To me, the local trading sectors would always hold the cost of petrols more responsible than that exchange rate of our naira to dollar

Petrol price did not increase since many months ago and diesel sold at ₦1900 is now sold around ₦1200 to ₦1300.

Indeed the federal government could be right and we hope they keep up with the good work if truly they don't have a dimension of diverting the scenarios to their interests in the other way round that we might be unable to denote.
We hope for better governance and counting on the government.
Above all, we're progressing and hoping for more.

After the government had manipulated the naira. The government are the cause of what happened but they are also the one looking for solutions. Prevention is better than cure.

[Lida93]

The prices of both locally produce products and imported not falling down even as the dollar value against the Naira which was used as an excuse to hike prices has now fallen and still falling, the  implication is that there is a lack of a functioning price control body in the country. The body responsible for price control might be on board but there's a difference between effective functionality and just bearing the name.

Additionally, on the other hand, there are underlying factors that are causative to this insistent increase of locally produced commodities, which are; the sudden removal of fuel subsidy, the increased electricity tariff and the continued increased insecurity in the country.

All of these as I said above has led to this locally produced commodities, however, the marketers and businesses are overdoing it, the rate at which they skyrocket the prices of these commodities on daily basis is irrational despite the fee mentioned points I have made above as the reasons for the increase prices. It ought to have been in a moderate increase but it's rather taking a bullet train speed in the hikes of all locally manufactured products. To me it's condemnable and the government need to rise up to it's responsibility and stop acting amiss.

[sokani]

Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101.

I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living.

I hope the prices of goods come down but what you're saying is not true, Jumia don't deal on local goods. I bought Romoss 60,000 mah power bank on Jumia at N73.5k. You can see the date.



I even commented about it on this your topic.
https://bitcointalk.org/index.php?topic=5457300.msg63718273#msg63718273

Make I use this example explain, 2 weeks ago I buy Romoss powerbank for jumia for 73k, afta 4 days di price come increase to 81k, yesterday wen I check again di price don enta 97k.

When dollar rose to it peak, it was being sold at N105k. I just checked the price now on Jumia and the least you can get it is N112k.

[Cossyblack]

We can see as the naira appreciated so much in price against United States dollars and other foreign currencies. Also the price of imported products have decreased significantly but the price of local foods and other local products are still high and some increase the more. I hope the world bank will be right about this.

https://www.channelstv.com/2024/04/09/world-bank-says-nigerias-2024-inflation-rate-will-drop-to-24-8-per-cent/amp/

Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101.

I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living.

Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices.

I think the reason why the price of commodities are still high despite the current rate of naira to dollar is because govt are regulating the prices of goods in the market..every business man/woman wants to make more money at all cost. If the govt can step in and start regulating price of commodities in the market,things will go back to normal.

[Charles-Tim]

I hope the prices of goods come down but what you're saying is not true, Jumia don't deal on local goods. I bought Romoss 60,000 mah power bank on Jumia at N73.5k. You can see the date.



I even commented about it on this your topic.
https://bitcointalk.org/index.php?topic=5457300.msg63718273#msg63718273

Make I use this example explain, 2 weeks ago I buy Romoss powerbank for jumia for 73k, afta 4 days di price come increase to 81k, yesterday wen I check again di price don enta 97k.

When dollar rose to it peak, it was being sold at N105k. I just checked the price now on Jumia and the least you can get it is N112k.

16th of February is more than 2 weeks ago now.

The least I saw on Jumia is ₦95000.

There are different resellers on Jumia. I do not think you search for the seller that you bought it from that time. See what that I took on Jumia for Romoss power bank 60000 mah. You can see their different prices from different resellers.



Some people are on Jumia with high prices to scam people just as Nigeria is.

You bought it at ₦73500
The price today is ₦95000
What is the peak price? That is what you did not follow I guess. Let me use ₦105000 that you mentioned
At least it fell 25% in price.

The laptop I am using and the phone that I am using have fallen in price with almost 50% reduction
The pumping machine that I priced has fallen in price more than 50%

I think the reason why the price of commodities are still high despite the current rate of naira to dollar is because govt are regulating the prices of goods in the market..every business man/woman wants to make more money at all cost. If the govt can step in and start regulating price of commodities in the market,things will go back to normal.

According to what I understood from your post, I think you mean government are not. I mean because govt are not regulating the prices of goods in the market.

Yes, that is true. But I think if the government wants accurate deflation, there is need for some regulations this time. I agree with this.

[Doan9269]

We can see as the naira appreciated so much in price against United States dollars and other foreign currencies. Also the price of imported products have decreased significantly but the price of local foods and other local products are still high and some increase the more. I hope the world bank will be right about this.

I hope that this does not have a negative consequence against us, the way we are still having infation while the exchange rate is dropping, there is more to look at from the government side to see that they control all the affairs that regulate for the control of price in the economy.

Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101.

I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living.

Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices.

I think this is where the government needs to come in and intervene, people have tasted the sweetness in the rise of market price and they feel reluctant to readjust back to where they took it from, simply because there were no regulations and sanctions against any market abuse on sales price.

[Spaceman1000$]

We can see as the naira appreciated so much in price against United States dollars and other foreign currencies. Also the price of imported products have decreased significantly but the price of local foods and other local products are still high and some increase the more. I hope the world bank will be right about this.

https://www.channelstv.com/2024/04/09/world-bank-says-nigerias-2024-inflation-rate-will-drop-to-24-8-per-cent/amp/

Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101.

I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living.

Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices.

The local product and the local market has its own different ideology which is mostly driven by either mostly by location, which is the availability of the finished product in those locations. The amount you buy garri or Pepe in the rural areas cannot be compared to the amount you will buy it in the urban area. Because urban traders will always add the transport of the goods to the urban area, which brings us back to the issue of fuel hike, so you're likely going to see traders that will on their own decide the amount they want to sell their goods. however I also know that the increase in dollar had it's own negative multiplier effect,  I believe the issue is complex because, ordinarily government is supposed have price control mechanism in place, but the traders are left to decide on their own however they want to sell their product without anybody checking on them.  So in a situation like these, we will always see the price of local commodities likely to go up or maintain their stance, but you expecting the prices to go down, just know that it will not.

[Justbillywitt]

While we don't have conceivable knowledges of exchange values between the local sellers and their vendors, lets stil assume that probably the reduction of goods prices would grind down simultaneously.
To me, the local trading sectors would always hold the cost of petrols more responsible than that exchange rate of our naira to dollar because most of these local traders trades on local made items and their points of hiking the prices of goods lyes on transportation rate.
So, let the federal government also look towards that Sector and also, be able to set up commissions to be watch any vendor of both local and importer whom is due to reduce the price of their services to be maintained cordially so other exchange rates can also be balanced just as you at Oga Charles-Tim has already smelled the beautiful changes from your end.
It still blows hot here at my end though and I believe it'd still be one of the gradual processes as earlier said.

Indeed the federal government could be right and we hope they keep up with the good work if truly they don't have a dimension of diverting the scenarios to their interests in the other way round that we might be unable to denote.
We hope for better governance and counting on the government.
Above all, we're progressing and hoping for more.

Any local trader who is now saying that fuel is the cause while their products are still expensive in the market is not being honest and such people should be avoided. When the Naira was falling against the dollar they were all blaming the dollar for the reason why things were expensive.  Everybody were shouting dollar at #1,900 so they justified their actions, now that Naira is now the talk of the Town, why not follow it and reduce the cost of things the same manner they increased it. These local traders are just wicked, yet no church or mosque is ever empty on worship days. Some people just derives joy when the people are suffering. There nothing that transportation did anywhere. Look at what's happening with air Peace and other international airlines, you will know that some people are deliberately doing this wickedness for their own selfish reason. In all I blame the government, whose agencies are not working properly.

[Charles-Tim]

This is today's news. April 16, 2024.

According to the news, inflation in Nigeria in 2024 is 40% as of March. It was said that electricity tariff may further increases the inflation rate. Also said it is bad for business and that small businesses can lose capital base.

https://www.vanguardngr.com/2024/04/more-pressures-on-pockets-as-food-inflation-rises-to-40

Dollar price has decreased significantly but inflation continues. Let us hope April to the end of the year will be different.

[Ruttoshi]

I think that these is when the government needs to come out with price regulation to regulate the price of this local products and make sure that they are selling at a lower price which the produce is worth. If that is not done, it means that the Naira appreciating over dollar have not achieved its purpose. This will make imported products price to hike again, because they will inflate the price of the products when it comes into the country in order for them to meet up with the cost of living.

I am not happy that this is not affecting the price of food stuffs, because of greedy business people. Now I have seen that we the citizens are the major cause of the hardship in the country, because we take advantage of every bad situation to exploit other.