{"id":121057,"date":"2023-07-10T19:25:29","date_gmt":"2023-07-10T19:25:29","guid":{"rendered":"https:\/\/fdcng.com\/?p=121057"},"modified":"2023-07-10T19:48:24","modified_gmt":"2023-07-10T19:48:24","slug":"fdc-economic-bulletin-july-10-2023-re-headline-inflation-will-jump-again-to-22-8-as-food-inflation-will-reach-24-85","status":"publish","type":"post","link":"https:\/\/fdcng.com\/fdc-economic-bulletin-july-10-2023-re-headline-inflation-will-jump-again-to-22-8-as-food-inflation-will-reach-24-85\/","title":{"rendered":"FDC ECONOMIC BULLETIN \u2013 JULY 10, 2023 (Re: Headline inflation will jump again to 22.8% as food inflation will reach 24.85%)"},"content":{"rendered":"

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DOWNLOAD PDF<\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber,<\/p>\n

The CPI report for June is scheduled to be published by the NBS on July 15th<\/sup>. Based on our time series model and survey of major retail markets in the Lagos Metroplex, headline inflation is projected to surge by 0.39% to 22.8% in June, with food inflation rising to 24.85% (18-year high) due to the Eid-el-Kabir celebration and planting season effect. Notably, the price of pepper jumped by 225% to N65,000 while the price of tomatoes peaked at N110,000 before slipping back to N75,000.<\/p>\n

The seesaw price movement was more in response to consumer resistance and switching to substitutes. The customer behavior in the local markets has been a classic example of the income and substitution effect of price changes.<\/p>\n

Exchange rate pass-through effect on domestic prices<\/em><\/strong><\/p>\n

One of the key developments in June was the de-segmentation of the forex market, which led to a 42.79% depreciation in the value of the Naira at the I&E window (N825\/$). In addition, the exchange rate for computing import duty was adjusted by 40% to N589.45\/$ from N422.3\/$. This is expected to push up the prices of commodities with import content. Already, the price of flour has increased by 5% while the impact on other commodities will be more pronounced in July.<\/p>\n

In the download, the FDC Think Tank projects inflation numbers for June and their impact on businesses and the economy.<\/p>\n

Do enjoy your read…[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, The CPI report for June is scheduled to be published by the NBS on July 15th. Based on…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,35],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121057"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=121057"}],"version-history":[{"count":3,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121057\/revisions"}],"predecessor-version":[{"id":121060,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121057\/revisions\/121060"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=121057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=121057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=121057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}