Inflation will remain below 20 per cent by year end

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Quote from: Muzzyart on August 14, 2022, 05:49:48 AM

Concern over fast-rising prices has taken a new turn in the past few months with the consumer price index (CPI) hitting 18.6 per cent in June.

We are in august (currently) and the reference should be the previous month IMO which is July, and the inflation rate as at July 2022 was put at an incremented figure of 19.64% by the National Bureau of Statistics (NBS), higher than that of June.

Quote from: Muzzyart on August 14, 2022, 05:49:48 AM

Adedipe admits that there are enormous local and international challenges most of which are positively correlated, but he is confident that the country will end the year with less than a 20 per cent inflation rate.

First, I don't seem to be reassured by his words, the reality remains that the figures are going up and it may exceed the highest Nigeria has seen which was in September 2005 where inflation rate was 24.32%. Both the global and domestic factors that have driven the inflation rate high are still in play, and until something happens about them, I think the figures will keep going up.

My concern is the effect the rising inflation and cost of living is having on the society. The rate of robbery, kidnapping, ritual killing and all sorts of criminal activities has increased. There is general insecurity. The government has to do better, else the reassurance from Dr. ‘Biodun Adedipe that inflation will remain below 20% will remain just mere wasted words.

The Sceptical Chymist

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Quote from: adaseb on August 15, 2022, 10:06:09 PM

People in USA have it pretty good with 8-9% inflation.

I'm not sure if you live in the US, but people here don't think we've got it pretty good, believe me. And I can't imagine what it's like in a country like Nigeria where the good news is that inflation is projected to be under 20%! I feel bad for countries that have it much worse than the US--not just in terms of inflation but of income, cost of living, and everything else.

Rough times we're all living in, no joke. The good news (I guess) is that periods of high inflation generally don't last a long time, certainly not forever. There was a time in the US back in the 1970s where inflation was rampant, interest rates were high, and everyone was complaining like it was never going to end--but it did, and so will this crap we're living through right now. Eventually.

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Quote from: numaibtc on August 16, 2022, 06:30:16 AM

A good and diversified portfolio can help fight the effects of inflation, and Defi can provide new investment opportunities I guess. But it is no easy task to access Defi for newcomers.

Can anyone recommend projects aiming on bringing Defi products for more traditional investors who trust in stocks and assets managers?

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Quote from: aoluain on August 16, 2022, 06:48:35 AM

Yea they make it sound like its "not too bad" because it wont go over 20%.

TBH I recon all inflation numbers are being reported lower than they actually are. There
are a lot of products which have risen higher than 9% where I am from. Can we really
believe that the numbers announced are the actual numbers?

How can anyone be certain that the actual inflation isnt already 20% ?

Yea lol. Though I hope not (for obvious reasons), who's to say it wouldn't actually go above 20%? I wouldn't be surprised if this is just an attempt to make people not panic. Next thing you know they'll go with — "at least we're not like the Venezuelan bolívar!"

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Quote from: mk4 on August 16, 2022, 05:42:13 AM

"Inflation will remain below 20 per cent by year end"

They make it sound so smug like it was some great achievement LOL.

Quote from: adaseb on August 15, 2022, 10:06:09 PM

People in USA have it pretty good with 8-9% inflation. Those in other countries have it much worst at triple digits. However I think world wide inflation has peaked and will go down from here.

Unsurprisingly. The US federal reserve is a total shitshow, yet they're still doing a far better job than most.

Yea they make it sound like its "not too bad" because it wont go over 20%.

TBH I recon all inflation numbers are being reported lower than they actually are. There
are a lot of products which have risen higher than 9% where I am from. Can we really
believe that the numbers announced are the actual numbers?

How can anyone be certain that the actual inflation isnt already 20% ?

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I'm just trying and understanding what the forecast means for Nigeria. In my opinion Inflationary pressures are expected to remain subdued in the coming months, with the peak level likely to be less than 20 percent. This rate will decrease gradually in the coming months as the domestic inflation base continues to be eroded by external factors and global liquidity improves towards a more normal level.

I think the government and monetary authorities there are also aware of these challenges. And their work to restore macroeconomic stability means welcoming that effort at least. But as things stand, inflation is likely to remain above 20 percent throughout the year, a key challenge for policymakers going forward.

numaibtc

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A good and diversified portfolio can help fight the effects of inflation, and Defi can provide new investment opportunities I guess. But it is no easy task to access Defi for newcomers.

Can anyone recommend projects aiming on bringing Defi products for more traditional investors who trust in stocks and assets managers?

mk4

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"Inflation will remain below 20 per cent by year end"

They make it sound so smug like it was some great achievement LOL.

Quote from: adaseb on August 15, 2022, 10:06:09 PM

People in USA have it pretty good with 8-9% inflation. Those in other countries have it much worst at triple digits. However I think world wide inflation has peaked and will go down from here.

Unsurprisingly. The US federal reserve is a total shitshow, yet they're still doing a far better job than most.

Zlantann

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The world is going through a lot of challenges and it is affecting the economy of almost all the nations of the world. Inflation rate in developed nations will always remain lower than their counterparts in the developing nations. And the inflation rate of these developed economies can be predicted (although not accurately) but it would be difficult to predict the inflation rate of 3rd world nations. This is because their economies are fragile and is effected easily by external factors. Also political instability is common in Africa and other developing countries of Asia and America which could trigger inflation rate to an unpredictable rate.

adaseb

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At first when I read the subject I assumed it was some joke article but then I read and it turns out it’s for Nigeria so it makes sense.

People in USA have it pretty good with 8-9% inflation. Those in other countries have it much worst at triple digits. However I think world wide inflation has peaked and will go down from here.

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While its good to have optimistic and positive feel good forecasts. The best winning strategy is to plan for the worst case scenario. Pack the raincoat, boots and umbrella just in case.

Inflation could be transitory and temporary. As many forecasts predicted. Or it could remain resident for decades. Better to be prepared and not need it. Than need it and not have it.

Potential inflation is really only one of the major concerns. Shortages of food is another. And we also have fossil fuel issues which are making shipping and transportation more expensive.

Taken together there is a potential for all of these factors to converge into a perfect storm of problems that will be difficult to overcome.

Muzzyart

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A frontline economist and Chief Executive of B. Adedipe Associates Limited, Dr. ‘Biodun Adedipe, says Nigeria’s inflation rates will remain below 20 per cent by the end of the year despite the pressure on prices and other headwinds.

He gave the projection at the mid-year review of the economic outlook, a joint think-tank event of the consulting firm and the Chartered Institute of Bankers of Nigeria (CIBN).

Concern over fast-rising prices has taken a new turn in the past few months with the consumer price index (CPI) hitting 18.6 per cent in June. Domestic inflation, which predates the recent global crisis, now mimics the general trend.

Adedipe admits that there are enormous local and international challenges most of which are positively correlated, but he is confident that the country will end the year with less than a 20 per cent inflation rate.

https://guardian.ng/business-services/inflation-will-remain-below-20-per-cent-by-year-end/

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