Dear Subscriber,

Brent climbed 1.26% to $74.83pb on fears of escalating Middle East conflict

Brent futures rose 1.26% to $74.83pb, driven by fears of a broader conflict in the Middle East, which could disrupt oil supplies. This increase follows Israeli PM Benjamin Netanyahu’s warning that Iran would face consequences for its recent missile attack. The current dynamics point to a sustained increase in oil prices in the short term, potentially benefiting Nigeria’s export earnings in the near term.

The price of wheat flour dropped by 7.14% to N65,000 per 50kg in October

The price of a 50kg bag of wheat flour plunged by 7.14% to N65,000 in October from N70,000 in September due to declining global wheat prices. Additionally, the 150-day import waiver on grains also contributed to the decrease in wheat prices. With the waiver in effect until December, further price reductions are expected in the coming months. This is likely to ease the cost of wheat derivatives such as pasta and bread, alleviating the ongoing cost of living crisis.

FDC’s M.D., Mr. Bismarck Rewane, and senior analyst, Onyeluka Emefiene, 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!