Oil recovered this week to $52pb from last week’s low of $47pb. This was driven by the renewed confidence from Saudi Arabia and Russia to extend the output curb to March 2018.

On the domestic front, headline inflation sustained a downward trend albeit a marginally to 17.24% in April from 17.26% in March. Food inflation however increased to 19.30% from 18.44% as the planting season intensifies. The good news is that the price of a bag of rice declined by 14% to N15, 000.

The attached report summarizes the commodity price movements for this week.