The average price of wheat in 2017 is 6% higher than last year’s average. For regular bread consumers, a current price war between leading flour millers must sound like music to your ears. The decision to increase the price of flour to N11,000 on November 1st turned to a price reduction to N10,000, which is great news.
In the global oil markets, Brent oil stayed above $60pb in spite of a stronger U.S dollar and a weaker than expected drawdown in U.S crude oil inventories. However, the long range forecast is for an oil price of $50pb-$55pb.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
Enjoy your read!