08, 2019 04:55PM / ARM Research / Header Image Credit: ARM Research
Retail prices ended the month of July on a higher note with our Urban Retail Price Tracker – the PURP index – recording a modest increase of 0.28% MoM to 113.1 pts (vs 0.16% MoM in June). Price increases were more evident in the commodities, cement and oil & gas baskets.
In the consumer basket, average prices ended the month lower, moderating by 2.03% MoM. The lower price largely reflected declines in the price of Dangote Sugar (-16%) and Knorr (-7.9%). These outweighed increases in Golden morn and Golden penny sugar.
Elsewhere, prices in the brewery basket printed flat with muted increases observed across several beer brands.
Prices in the commodities basket ticked higher over the month (+0.46% MoM, June: +0.15% MoM) largely reflecting increased price of crude palm oil. Notably, after moderating for three consecutive months, price of crude palm oil advanced higher by + 2.0% MoM, reflecting a shortage across different markets in line with its seasonal trend. Elsewhere, price movement across both rice and vegetable oil was largely muted, ending the month at same prices compared to the previous month.
Prices in the oil & gas sector witnessed a slight moderation of 0.94% MoM over July largely on the back of reduction in average price of cooking gas. To buttress, cooking gas price continued to trend lower for three consecutive months spurred by adequate supply across the state.
the month of July, Cement prices advanced higher by 1.9% MoM
with, Wholesale and Retail prices printing at
N2,550 and N2,750
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