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The price of wheat flour climbs to ₦31,500 in July

The Flour Milling Association of Nigeria has raised wheat flour price (50kg) by 5% to ₦31,500 in July from ₦30,000 last month owing to the adjustment in the exchange rate for computing import duty. This is coming at a time when most domestic commodities are experiencing a slowdown in their prices as the harvest season begins. Consequently, consumers’ demand for bread, flour, and other wheat derivatives has shifted towards domestic alternatives, such as yams and other tubers.

Output cuts by top oil producers bolster oil prices 

Brent gained 1.98% ($79.23pb) today as supply concerns outweighed expectations of another hike in rates by the US Fed. Earlier in the month, Saudi Arabia announced plans to extend its million-barrel output cut till August, and was supported by Russia’s additional 500,000 barrel cut within the same period. However, investors still remain cautious as they await the US Fed’s decision on rates.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Dumebi Oluwole.

Click the link to watch the video.

Enjoy your read!