Increasing consumer resistance, changing preference and declining income is taking its toll on retail prices in January. This coincides with FDC Think Tank’s forecast of a slight dip in December inflation to 18.3%. Rice and beans have shed over 20% in 2 weeks. We expect further declines as consumers switch to paying school fees from shopping malls.
OPEC’s deal is hanging in there with prices at $55pb. Nigeria is hoping for better production numbers than December’s level of 1.45mb.

The attached report summarizes the commodity price movements for this week.