Dear Subscriber,

Brent rose  0.31% on lingering Middle East tension

Brent futures increased 0.31% to $75.19pb, due to uncertainty surrounding the Middle East conflict. A heavy fire exchange between Israel and Hezbollah occurred earlier today, with over 42 casualties. Also supporting oil prices is a report from the U.S. that North Korea has deployed 3,000 troops to support Russia, potentially escalating the war with Ukraine. In the near term, heightening supply risks will likely keep oil prices high.

The price of a kilo of turkey spiked to N7,200 (y-o-y)

The price of a kilogram of turkey rose 36% to N7,200 in October from N3,600 last year. This is driven by the naira’s depreciation, increasing the cost of imported turkey. As a result, consumers are opting for chicken or beef as substitutes. With the Christmas season approaching, turkey prices will likely rise further.

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 to watch the video.

Enjoy your read!