Oil prices extend losses as supply uncertainties mount
Brent dropped by 1.45% to trade at $ 80.77pb on November 26 from a close of $81.96pb in the previous trading day. Lingering uncertainties about OPEC+’s decision on oil output ahead of its meeting on November 30 drove this decline in oil prices. Market expectations are that the cartel may not deepen output cuts in 2024. In the near term, oil prices are likely to trade horizontally in their current range.
The domestic price of pineapples spikes by 17% in 2023
In line with the rise in food inflation in Nigeria, the price of a small unit of pineapple has climbed by 17% year-on-year to N800 in October from N680. Like most other commodities in Nigeria, the cost-push factors driving prices are mainly due to the surging price of diesel and logistics. Moreover, despite Nigeria’s leading rank as a top producer of pineapples in West Africa, pineapples still remain in short supply in the domestic market. This has been attributed to post-harvest losses and smuggling across the borders.
These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Desola Sunmoni.
Click the link to watch the video.
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