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FDC projects the headline inflation rate to increase by 0.14% to 34.09% in June

The NBS will release Nigeria’s June 2024 inflation numbers on July 15. Ahead of the release, Financial Derivatives Company (FDC) forecasts headline inflation to rise modestly by 0.14% to 34.09% in June. The temporary suspension of import duties on grains, (wheat, maize, rice, and cowpeas) is designed to bring food inflation down. The markets await the full impact of the new rules.

The price of carrots spiked by 150% to N500/bunch

In July, the price of a bunch of carrots surged by 150% to N500, up from N200 in April, despite Nigeria being the largest producer in Sub-Saharan Africa. This increase is due to off-season effects and higher demand, as consumers substitute expensive tomatoes with carrots in stews. However, carrot prices are expected to decline as tomato supply increases during the harvest period in July and August.

FDC’s Manager, Dr. Ifeoma Nwokolo, and analyst, Onyelukachukwu 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!