Domestic food prices are trending upwards after months of relative stability. In particular, tomatoes (50kg) have jumped by over 70% to N13,000 and a 50kg bag of rice is up 21% to N17,000. The uptick could be linked to seasonal factors such as the commencement of both the planting season and Ramadan fast.
These developments will have an impact on food inflation.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!