Thursday, July 27, 2017 6:59PM / FDC
A 41% spike in government shared revenue to N652bn in July will add to the liquidity surplus in the banking system. The good news is that it will also help reduce the salary backlog and outstanding obligations of government.
However, domestic commodity prices have remained relatively static this week in spite of the MPC decision to hold rates at the current high levels.
The attached report summarizes the commodity price movements for this week.
1. Price of Rice Still High at N18,500 per bag
2. Threat To Agric Policy Emerge as AFEX Warehouse in Kaduna Invaded by The Police (1)
3. Staple Food Prices Remain High Due to Shortages Arising From Heavy Rains
4. Domestic Commodities Remained Relatively Flat During The Break
5. Commodity Prices Maintain Upward Trajectory as Forcados Terminal is Set to Resume Operations
6. Some Prices Are Increasing When Headline Inflation is Declining
7. Domestic Commodity Prices Remain Sticky Downwards as Crop Diseases Keep Prices Elevated
8. Price of a Bag of Rice Declined by 14%
9. Commodity Prices Maintained Upward Trajectory
10. Recent Spike in Commodity Prices Confounded Analysts
11. Retail Prices Remained Stubbornly Static as Naira Strengthened at the New Forex Window
12. Commodity Retailers Leave Retail Prices Unchanged
13. Oil Prices Took a Hit as Naira Converged Below N400 to a Dollar