Saturday, April 15, 2017 08:00 AM / Proshare
From the Editor’s Desk
The National Bureau of Statistics released the March inflation figures on Thursday, April 13, 2017, against our earlier expectation of April 15, 2017. Food inflation for the first time in sixteen months fell from 18.44% to 18.55% suggesting a fizzle down in supply shock; while core inflation maintained its earlier retreat by shrinking from 16% to 15.4% to lose 60 basis points.
A weaning baseline ensured that headline inflation stuck to a downward trajectory, as inflation in the month of March fell from 17.78% to 17.26% reflective of a softening by 52 basis point. One of the chain reactions from softened inflation rate is a slight fall in the misery index from 52.48 to 51.46 while for the second month in a role, real interest rates strengthened again from -3.78 % to -3.28%. Month on month inflation rose from 1.48% to 1.72%, suggesting acceleration in the month of March.
Fig: Illustration of month on month inflation
Certainly we do share the opinion that price do matter but we are not engulfed in the perception that “price alone matters’’. Why? Such perception so far has continued to encourage the use of a tight monetary measure - which does not provide growth nor regard the true existing inflation dynamic; rather it spends more time looking for illusive wolves; our concern is that month on month inflation could be the new illusive wolf.
Here are the happenings expected this week.
Wednesday, April 19, 2017
KPMG will commence its training on the Introduction to Nigerian Taxes in Lagos, while Abuja Airport will re-opens.
Thursday, April 20, 2017
The Q1’2017 Presidential Economic Media Workshop will commence in Abuja, while the Nigerian–South African Chamber of Commerce April 2017 Breakfast Meeting focusing on “Payment Systems and Financial Innovation in Nigeria” holds in Lagos.
NASCON Allied Industries Plc will be marked down having proposed a dividend of N0.70kobo.
Friday, April 21, 2017
The Nigerian Economic Summit Group Roundtable on 60-day Action plan of Enabling Business Environment Council (EBEC) holds today.
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