Dear Subscriber,

Nigeria’s headline inflation for June eased to 22.22%

Headline inflation eased for the third consecutive month, slowing by 0.75% to 22.22% in June from 22.97% in May. This decline was driven by base effects and a relatively stable exchange rate. However, inflationary pressures remain, as monthly inflation rose to 1.68% and food inflation increased to 21.97%.

Brent rose to $68.93pb

Brent futures rose by 0.60% to $68.93pb after drone attacks on Iraqi oil fields in Kurdistan disrupted about 200,000 barrels per day of output. Oil prices were further supported by a 0.91% drop in U.S. crude inventories to 422.3 million barrels. Meanwhile, Nigeria’s oil output increased by 3.45% to 1.505 million barrels per day in June, surpassing its OPEC quota.

The price of natural rubber declined by 8.64% to $1,850/tonne

The price of natural rubber has plunged by 8.64% (YTD) to $1,850 per tonne, driven by depressed demand due to a downturn in economic activity in China. The closure of major tyre plants in Germany and Poland also contributed to the downward pressure. This trend is expected to lower the cost of rubber-based end products such as tyres, hoses, belts, gloves and more

FDC’s M.D., Mr. Bismarck Rewane, and economic associate, Ajibola Ayodeji, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

Enjoy your read!