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Brent climbed to $77.01pb on supply concerns

Brent futures rose 0.93% to $77.01pb fueled by supply concerns as the Biden administration plans additional sanctions on Russia over the Ukraine war. Oil prices are expected to stay elevated in the near term, driven by rising demand for Middle Eastern oil and sanctions restricting vessels movement, potentially pushing prices above $75pb.

Detty December to stoke December 2024 headline inflation

Commodity prices have declined slightly in January, yet they remain higher than in the same period in 2024, primarily driven by increased demand during the holiday season. However, weakened consumer purchasing power has softened the impact of rising prices. This is expected to impact headline inflation in December, further exacerbating the cost of living.

The price of Irish potatoes spiked to N10,000 per 3kg

The price of Irish potatoes surged by 43%, rising from N7,000 in September to N10,000 in December 2024. This increase was driven by higher festive demand for use in grilled and barbeque dishes. Additionally, conflicts in Jos, which disrupt Irish potatoes production, have supported prices. We anticipate a decline in the near term as consumers shift to sweet potatoes, which saw a significant 50% price drop to N2,000 per 3kg during the same period.

FDC’s M.D., Mr. Bismarck Rewane, and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!