Consumers Are Bracing Themselves for a Challenging Christmas

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Thursday, December 21, 2017 /6:40PM / FDC 

In spite of the bountiful food harvest, food inflation remains stubbornly high at 20.30%. This is partly as a result of food export smuggling by exchange rate sensitive farmers. The good news is that the price of a 50kg bag of rice has declined 30% to N15,500 since the start of the year.
 

Consumers are bracing themselves for a challenging Christmas as the petrol scarcity has gone from difficult to acute despite the FG’s assurances.
 

The slides below sum up the events that took place in the domestic and global commodity markets this week

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1.    Nigeria is a Fringe Player in Global Rice Production
2.    Growing Global Supplies to Keep Prices of Grains Down
3.   Oil Prices Slipped 0.26% in Sympathy with A 5% Slump in Copper Prices
4.   Naira Strengthened In October to N363 - $ as Food Inflation Jumped to 15.34%
5.  Nigeria Produced a Meager 348,000 Tonnes of Cotton in 2016
6. Most Food Prices In Nigeria Have Shrugged off The Currency Gains and Remained Relatively Static
7.  Commodity with a 150-Day Lag Could Be a Game Changer for Economic Diversification
8.Diesel Prices Increased by 20.4% Despite the Improvement in on-grid Power Generation
9.      Domestic Commodity Prices Responding to the Increased Harvest Output
10.  Harvest Season Has Begun; Expected to Increase Supply and Moderate Prices
11.   Price of Cement is up 8% to N2,700 while Brent Slipped to $56.34pb
12.  Domestic Price of Palm Oil Has Declined by 25% in 12 Months
13.  FG to Bring Down the Price of a 50kg Bag of Rice to N9,000 Within a Month
14.  Price of Cement Dropped by 3.8% to N2,500 per Bag
15.   Oil Prices Climbed Sharply to a 2-year High of $59pb
16.  Cashew Nut Exports Increased Significantly by 463% to $37m in Q2’17
17.   Volatile Oil Prices in August

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