In spite of the bountiful food harvest, food inflation remains stubbornly high at 20.30%. This is partly as a result of food export smuggling by exchange rate sensitive farmers. The good news is that the price of a 50kg bag of rice has declined 30% to N15,500 since the start of the year.
Consumers are bracing themselves for a challenging Christmas as the petrol scarcity has gone from difficult to acute despite the FG’s assurances.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
Enjoy your read!