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☕️ Inflation Slows

☕️ Inflation Slows

Nigeria’s inflation rate surprisingly slowed to 17.93% in May 2021 from 18.12% in April, beating most analysts’ forecasts. 

 

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ONTHISDAY

1927 Paavo Nurmi runs world record 2000 m: 5:24.6

1980 Indian Shakuntala "human computer" Devi sets a world record by mentally multiplying two random 13-digit numbers in 28 seconds; She correctly answered that 7,686,369,774,870 × 2,465,099,745,779 = 18,947,668,177,995,426,462,773,730


2003 Google launches AdSense, a program that enables website publishers to serve ads targeted to the specific content of their individual web pages

NIGERIA

Nigeria's Inflation Slows Down

 

Image Source: Punch

The Story
Nigeria’s inflation rate surprisingly slowed to 17.93% in May 2021 from 18.12% in April, beating most analysts’ forecasts. 

What was the projection of analysts?
Analysts had projected that Nigeria’s inflation rate would resume its 21-month upward trend into May, but the rate slowed for the second successive month, marking the first time that has happened in almost two years. The consensus view of economists compiled by Bloomberg was an inflation rate of 18.8%. The variance between forecasts and the published data can be explained by inflation expectations and the possible underestimation of consumer resistance to price increases. Most analyst expectations were anchored on the view that the major causes of inflation remain entrenched.

Why's this decline not reflected in the prices of goods and services?
It is worth mentioning that a slowdown in inflation does not necessarily imply that prices are falling. It simply means that commodity prices are increasing albeit at a slower pace. Of all the inflation sub-indices, only core inflation increased. All non-food items with the highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering.

What factors contributed to this current decline?
Analysts have been skeptical with this consecutive decline in inflation rate. However, a Year-on-Year comparison sheds some light on this trend. The ‘Panic Buying’, which ensued as a result of the pandemic, drove the rate of increase in inflation last year higher than the current stability which the economy currently experiences. Thus, when the rate of increase is compared on a Year-on-Year basis, the trend (slowed rate) begins to reflect in the data. On a month-on-month basis, the Headline index increased by 1.01% in May 2021. This is 0.04 percentage points higher than the rate recorded in April (0.97%).

What's the data on food?
The unexpected drop in the annual price level can be partly attributed to the decline in the food sub-index. Food inflation moderated to 22.28% in May from 22.78% in April. This change in the food index was caused by changes in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats and Vegetables. A troubling trend, however, is that food inflation is falling at a time when global food prices are rising. The global food price index increased for the 11th consecutive month to 120.9 points in April, 1.7% higher than March’s figure (118.8 points). This was driven by an increase in the sugar, oil and meat price indices.

All eyes will now be on the MPC at their meeting next week to see their reaction to this unexpected consecutive drop in inflation rate. However, the current inflationary pressure induces macroeconomic instability and also negatively affects the welfare of households and fixed income earners. CBN’s in-house estimates show that headline inflation will remain above 17.9% in 2021. SOURCE

LATIN AMERICA

Peru-sing Socialism

The Story
A little-known socialist teacher, Pedro Castillo, appears headed for victory over his conservative rival, Keiko Fujimori, in Peru's presidential election.

What are his policies goals?
Castillo, during his campaign, pledged to sharply hike taxes on mining -- Peru is the world's second largest copper producer -- to pay for social spending, and redraft the constitution to give the government more muscle in running the economy. Castillo has also hinted at potential land reforms.

Does public opinion suggest a wide support for his plans?
His proposed land reforms has spread fear among Lima's small but powerful urban elite, who overwhelmingly voted for Fujimori. "All of my friends have taken their money abroad, I don't know anybody who hasn't withdrawn their money," said an attorney who serves on the boards of several large corporations and had also withdrawn funds. "I wouldn't keep any money in Peru, not a penny," he added.

Are the elites the targets of his policies?
A prominent artist who is critical of Keiko Fujimori, the daughter of divisive former president Alberto Fujimori, said that fear and bias was driving some of the push-back against Castillo, the son of peasant farmers from Peru's rural north. Some wealthy Lima residents said support for Fujimori was rooted in two historical traumas: land appropriations in the 1960s and hyperinflation in the 1980s, both under leftist leaders.

While the elites remain concerned over the potential effects of a Castillo presidency, analysts have projected that a fragmented congress will limit radical change and force Castillo to be pragmatic, which could even create a silver lining for markets and potential buying opportunities for investors. SOURCE

HEALTH & FITNESS

Should I run everyday?

 

The Story

Running every day do have some health benefits.

Say what?

Studies have shown that running just 5 to 10 minutes each day at a moderate pace 6.0 miles per hour may help reduce your risk of death from heart attacks, strokes, and lower risk of cancer and lower risk of developing neurological diseases like Alzheimer’s and Parkinson’s diseases in old age.

How often a week?

While this minimal amount of daily running works, a group of Dutch researchers showed that these benefits top off at 2.5 hours a week (or 30minutes per each run), meaning there’s no need to run for hours each day. Running 4 to 5 days a week will do. How many days it’s safe for you to run each week depends on your goals and physical fitness levels. Other benefits of running includes improved sleep and mood.

What about other activities?
You may be able to experience these same benefits from 30 minutes of other daily activity, too, such as power walking, cycling, swimming, or yoga.

How to run
To avoid a running injury, make sure you have appropriate running shoes. Whether you choose morning or evening runs, the goal is to increase your fitness level in a timed, consistent pattern. If this excites you enough to try out, then you should get comfortable running shoes to run in and maybe a hand band to time your progress.

Don't forget this too
You should also consider adding anaerobic activities such as strength training and weights into your routine one to two times a week. There are cool dumbbells for this ranging from the light to the heavy.

SCIENCE

Shark Objects

 

The Story
Scientists believe they have uncovered a mass extinction event previously unheard of that occurred around 19 million years ago.

Extinction of which organism?
This event would have taken place in the depths of the ocean, and nearly wiped out the shark population. The team of researchers who made the discovery also posit that sharks have never fully recovered from the event. Sharks are covered in something called “dermal denticles,” which are tiny but plentiful, meaning they’re basically the pennies of fossil records.

How did they make this discovery?
In 2015, Dr. Sibert started to sort through two sections of mud that had been removed from the Pacific Ocean floor, but thousands of miles apart. When she reached the Early Miocene era, she found that instead of the normal ratio of one denticle to five fish teeth (20%), she was seeing about a 1% ratio, as sharks suddenly became a rarity.

Did they find the cause of this mass extinction?
Of the 88 different denticle groups in existence before the event, only nine survived, meaning the shark population was drastically less diverse. It’s thought that this event was even more ruinous than the dinosaur extinction event. The consistency between the two mud samples indicates this was a global event, but there are no clues as to what could have caused it. SOURCE

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TODAY'S TRIVIA

In international politics, which countries make up the 'Five Eyes'?

QUESTION & ANSWER

QUORA QUESTION: 

What are some weird obsessions of famous philosophers?

Quora User

Immanuel Kant (1724–1804), with the help of his faithful and long-suffering servant Martin Lampe, wrapped himself tightly in a sheet every night before going to bed.

Kant believed that sleeping less prolonged life, while sleeping more shortened it. He also placed great importance on going to bed and rising according to an unvarying schedule. Indeed, virtually everything in Kant’s life was done on schedule. As Manfred Kuehn describes a typical day:

"He got up at 5:00 A.M. His servant Lampe, who worked for him from at least 1762 until 1802, would wake him. The old soldier was under orders to be persistent, so that Kant would not sleep longer. Kant was proud that he never got up even half an hour late, even though he found it hard to get up early. It appears that during his early years, he did sleep in at times. After getting up, Kant would drink one or two cups of tea – weak tea. With that, he smoked a pipe of tobacco. The time he needed for smoking it “was devoted to meditation." Apparently, Kant had formulated the maxim for himself that he would smoke only one pipe, but it is reported that the bowls of his pipes increased considerably in size as the years went on. He then prepared his lectures and worked on his books until 7:00. His lectures began at 7:00, and they would last until 11:00. With the lectures finished, he worked again on his writings until lunch. He would go out to lunch, take a walk, and spend the rest of the afternoon with his friend Green. After going home, he would do some more light work and read." SOURCE

TRIVIA ANSWER

The Five Eyes is the intelligence-sharing alliance that includes the U.S., the United Kingdom, Canada, Australia, and New Zealand.

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