it’s still far from Uhuru as prices of major food items went up in the first few days of October, even as the price of crude, particularly Brent, Nigeria’s major income source fell during the period.
The price of a 50kg bag of honey beans spiked to N180,000 in October.
The price of honey beans surged by 20 per cent to N180,000 in October from N150,000 in September. This increase is mainly due to poor harvests caused by flooding in key production areas, resulting in supply contraction. In addition, elevated logistics costs further contributed to the price hike. Consequently, prices are expected to remain high in the near term, impacting both the cost and quantity of bean derivatives such as bean cake and bean pudding.
It will be recalled that Blueprint had earlier reported that Nigerians should brace up to increasing cost of living as ravaging floods have joined forces with agents of high inflation to increasing the sufferings of the people.
Some of the major agents of increasing inflation are the relentless increase in petrol price the depreciating naira.
Figures glimpsed from the Financial Derivatives Company (FDC) Limited shows that the price of rice (long grain) w not up by by 9.09 per cent from N100,000 in September to N120,000 in the early days of October, while the basket of tomatoes which was sold for N22,000 now go for about N27,000.
But the price of garri reduced slightly by 5.0 per cent from N40,000 per 50kg in September to N36,000 in early October.
Cocoa prices are likely to remain bullish as Cocoa lost 1.67% ($6,951.00/mt) as Ivory Coast farmers anticipate strong cocoa yields for the 2024/25 season -Reuters.
Domestic commodity prices are mixed due to harvest season, import duty waivers, and supply chain disruptions in Ivory Coast’s production persists.
The price of sugar will remain elevated in the coming weeks on lower crop yields in Brazil due to the drought and wildfire, supported by global supply concern.
Apparently tightening the noose on the Nigerian government, the price of Brent sold below $80pb as China held back on more stimulus.
Brent futures dropped 2.09 per cent to $79.24pb, driven by China’s failure to meet market expectations for increased government spending, which could dampen its oil demand.
“However, rising tensions in the Middle East could drive prices higher again in the near term”, said Bismarck Rewane, Managing Director of FDC.
Nonetheless, this gain may be at the instance of deaths and other evil fate befalling some other nations.