Dear Subscriber,

Brent gained 0.27% to $85.27pb due to a lower-than-expected inflation data

Brent rose by 0.22% to $85.27 per barrel on Thursday, driven by a surprising 0.3% drop in the U.S. consumer price index to 3.0% in June and a significant decline in U.S. crude inventories, which fell by 3.4 million barrels to 445.1 million barrels, indicating strong demand. Brent prices are expected to remain elevated, bolstered by anticipated interest rate cuts in September.

The price of a small size (400g) stockfish spiked by 300% to N10,000 in June (YoY)

The price of a small size stockfish surged by 300% (YoY), increasing from N2,500 to N10,000 in June. This spike is driven by naira depreciation, as Nigeria remains the largest importer of stockfish globally. Additionally, a supply shortage from Norway, the leading exporter, has exacerbated the situation amidst sustained demand due to stockfish’s nutritional value and culinary significance. Consequently, stockfish prices are likely to remain elevated in the near term.

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!