Even though, the naira strengthened in October to N363/$, surprisingly imported food inflation jump by 0.51% to 15.34%. The only reason why the food basket actually declined marginally was as a result of the bumper harvest this year.
In the last four days, Brent oil price has declined by 3.6% to $61.53pb after reaching a two-year high last week. Sell pressures are being underpinned by an unexpected jump in U.S shale output. The market is looking out for signals from OPEC ahead of the cartel’s bi-annual meeting on November 30.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
Enjoy your read!