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Brent gained 0.14% to $82.87pb on a positive demand outlook in the U.S.

On Thursday, Brent crude rose by 0.14% to reach $82.87 per barrel, bolstered by a moderation in US consumer price inflation to 3.4% from 3.5% in March, providing positive signs for future rate cuts. This uptick in Brent’s price was also supported by a 0.54% decrease in U.S. crude inventories, which fell to 457 million barrels in the week ending May 10, compared to 459.5 million barrels, surpassing analysts’ projections of a 543,000 barrel drawdown. With the new inflation figures likely prompting the Fed to consider a rate cut, thus stimulating oil demand, the price of Brent is anticipated to remain elevated in the near future.

The price of a bunch of plantains spikes to N6,500 in May

The price of a bunch of plantains surged by 85.71% to N6,500 in May, up from N3,500 in February, mainly due to the out-of-season effect and increased demand for plantain derivatives. The supply of plantains has also declined due to increasing urbanization and post-harvest losses, in spite of increased funding by the CBN. Bridging the supply shortfall will require refocusing on commercial farming and increasing foreign investment in plantain farming. In the near term, the price of plantains is expected to remain elevated as long as subsistence production persists, posing a challenge to correcting the supply gap.

FDC’s Senior Associates, Dr. Desola Sunmoni and Halima Adediran discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link to watch the video.

Enjoy your read!