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Oil prices remain at a seven-month high

Brent gained 0.81% to $89.72b today after Saudi Arabia and Russia’s decision to extend their output cuts till December 2023. This, coupled with growing speculations of a halt in the US Fed’s rate hiking cycle have kept oil prices at a seven month high in this trading period. However, the oil markets are being negatively influenced by the slow pace of China’s post-pandemic economic recovery which could dampen its price outlook and cause oil prices to trade below $90pb in the near term.

Burger demand to slow on shrinking disposable income

The average price of a quality medium-sized cheeseburger in Nigeria has risen by 20% to ₦6,000 compared to last year (₦5,000), owing to higher input costs and growing urbanization. However, the recent increase in food inflation and shrinking disposable income have forced consumers to reprioritize their spending to tilt toward necessities. In the coming weeks, the domestic price of burgers will keep rising, while consumer demand could slow despite the rapid increase in urbanization.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Bolanle Agbaje.

Click the link below to watch the video.

Enjoy your read!