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Brent up 0.73% as China cuts interest rates by 25bps

Brent futures rose 0.73% to $74.83pb, triggered by a 25bps reduction in China’s key lending rates from 3.35% to 3.10% and 3.85% to 3.60% to support economic growth. China’s GDP slowed from 4.7% to 4.6%, which was lower than the analysts’ expectations of 4.5%. Air raid sirens in Tel Aviv, despite Anthony Blinken’s ceasefire talks, further bolstered oil prices.

The price of a crate of 30 eggs rose by 100% to N6,000

The price of a crate of eggs (30) increased by 100% to N6,000 in October. This is driven by a sharp rise in grain (corn and sorghum) prices, which account for about 65% of poultry feed. The 63.5% spike in PMS prices to N1,030/litre also pushed up egg prices. Timely implementation of the duty waiver on grains and subsidizing poultry feed could help stabilize egg prices in the near term.

FDC’s senior associate, Halimah Adediran and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!