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Oil prices recover slightly after a four-day plunge

Brent price rose to $73pb today after plunging by 8% this week due to lingering concerns about higher interest rates slowing global growth. The US Fed and ECB hiked interest rates by 25bps this week, renewing recessionary fears. However, oil prices could maintain a bullish run in the coming weeks due to reduced supply.

Global food prices rise for the first time in 12 months

According to the Food and Agriculture Organization of the United Nations, global food prices rose for the first time in 12 months to 127.2 points in April, up 0.6% from March. This was mainly driven by an uptick in the sugar price index by 17.6% to 149.4 points in April from 127.04 points in March. Sugar prices are rising due to poor harvests in top-producing countries. The rise in food prices could sustain global inflationary pressures, prompting central banks to maintain rate hikes.

NAFDAC bans importation of indomie instant noodles ‘special chicken flavour”

The National Agency for Food, Drugs, and Administration and Control (NAFDAC) recently prohibited the importation of Indomie Special Chicken Flavour noodles into Nigeria due to health risks associated with the use of ethylene oxide as an ingredient. The ban only applies to imported and not locally produced noodles. Year-to-date, the price of a carton of noodles has spiked by 52% to ₦4,100 from ₦2,700.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s Senior Analyst, Oluwatomi Mayowa.

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