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Brent rose by 1.77% to $74.10pb due to heightened geopolitical tension

Brent futures climbed 1.77% to $74.10pb, driven by escalating geopolitical tension following a missile exchange between Russia and Ukraine. The tension outweighed a modest 0.13% rise in U.S. crude inventories to 430.3 million barrels. Meanwhile, the Dangote refinery acquired its first shipment of U.S. oil after a 3-month break to address supply shortages and boost production to meet growing domestic and regional demand.

The price of 1kg of chicken rose by 4.2% to N5,000

The price of 1kg of frozen chicken climbed by 4.2%, from N4,800 in September to N5,000. This follows a 41.3% increase in the price of other proteins. Heading into the festive season, poultry producer prices are expected to remain elevated, putting a further strain on the cost of living.

FDC’s senior associate, Dumebi Oluwole, and analyst, Rosemary Adibe, 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!