Economy
Price of beans rose by 271.55% in August — NBS
The National Bureau of Statistics has reported a rise in the price of brown beans (sold loose) in August 2024.
According to the Selected Food Price Watch for August, the average price of 1kg of brown beans surged by 271.55 per cent on a year-on-year basis to N2,574.63, up from N692.95 in August 2023.
On a month-on-month basis, the price of brown beans also recorded a 5.31 per cent increase, rising from N2,444.81 in July 2024.
“Selected Food Price Watch for August 2024 shows that the average price of 1kg beans brown (sold loose) stood at N2,574.63.
“This indicates a rise of 271.55 per cent in price on a year-on-year basis from N692.95 recorded in August 2023 and a 5.31 per cent rise in price on a month-on-month basis from N2,444.81 in July 2024,” NBS said.
Other food items also experienced significant price increases during the same period. The price of agric eggs (medium size, 12 pieces) jumped by 121.92 per cent from N1,031.55 in August 2023 to N2,289.19 in August 2024. On a month-on-month basis, the price of eggs increased by 5.48 per cent from N2,170.17 in July 2024.
Similarly, the price of sliced bread recorded a year-on-year rise of 113.16 per cent, moving from N684.85 in August 2023 to N1,459.85 in August 2024. On a month-on-month basis, sliced bread saw a 2.28 per cent price increase from N1,427.25 in July 2024.
In contrast, the price of 1kg of tomatoes dropped by 11.07 per cent month-on-month, falling from N1,693.83 in July 2024 to N1,506.35 in August 2024.
The report also showed that the price of 1kg of local rice (sold loose) rose by 148.41 per cent on a year-on-year basis, climbing from N737.11 in August 2023 to N1,831.05 in August 2024. On a month-on-month basis, the price increased by 3.65 per cent.
However, the price of yam tubers (1kg) saw a slight decrease on a month-on-month basis, dropping by 7.82 per cent from N1,802.84 in July 2024 to N1,661.80 in August 2024. Nevertheless, the year-on-year price of yam tubers still showed a significant rise of 188.31 per cent from N576.39 in August 2023.
“Also, the average price of 1kg of Yam tuber increased by 188.31 per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in July 2024. On a month-on-month basis, it decreased by -7.82 per cent from N1,802.84 in July 2024,” the report added.
In July, PUNCH reported that prices of Beans, Tomatoes, Irish potatoes, Garri, Yam and other food items witnessed significant price increases in June 2024.
Economy
Oil imports drop by $1.52bn in Q2/24 – says CBN
Nigeria’s oil importation dropped to $2.79bn from $4.31bn in Q2 of 2024. This amounts to $1.52bn decline or a 35 per cent decline.
This development was contained in the Central Bank of Nigeria’s quarterly economic report for the second quarter of 2024 released recently.
This reduction highlights shifting dynamics in the nation’s oil and gas sector amid ongoing structural and economic adjustments following the removal of fuel subsidies under the administration of President Bola Tinubu.
The report also noted that the overall value of merchandise imports contracted, falling by 20.59 per cent to $8.64bn from $10.88bn recorded in Q1 2024.
The sharp decline in oil imports contributed significantly to this trend, the report noted.
The report reads: “Merchandise import decreased in Q2 2024, following the decline in the import of petroleum products. Merchandise imports decreased by 20.59 per cent to $8.64bn, from $10.88bn in Q12024.
“Analysis by composition indicated that oil imports decreased to $2.79bn, from $4.31bn in the preceding quarter.
“Non-oil imports also declined to $5.85bn, from $6.57bn in the previous quarter. A breakdown of total import showed that non-oil imports accounted for 67.72 per cent, while oil imports constituted the balance.”
Economy
Naira slumps against dollar to end on negative note
The Naira depreciated against the dollar on Friday at the foreign exchange market to end the week on a negative note.
FMDQ data showed that the weakened to N1678.87 per dollar on Friday from the N1639.50 exchange rate on Thursday.
This represents a N39.37 depreciation against the dollar compared to N1678.87 exchanged on Thursday.
Meanwhile, at the parallel market, the naira gained N10 to exchange at N1740 per dollar on Friday compared to N1750 recorded the previous day.
The development comes as Foreign Exchange transactions turnover surged astronomically to $1403.76 million on Friday from $244.96 million on Thursday, according to FMDQ data.
DAILY POST reports that in the week under review, the naira recorded mixed sentiments of gains and losses.
This showed Naira had continued to experience fluatuations in the FX marketers despite the Central Bank of Nigeria interventions.
Recall that on Wednesday, CBN authorised commercial, merchant, and non-interest banks in the country to manage tradeable foreign currencies deposited in domiciliary accounts established through the new Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme.
Economy
Bank Of England Cuts Interest Rate As Inflation Slows
The Bank of England on Thursday said it was cutting its key interest further after UK inflation hit a three-year low and signalled more reductions.
As widely expected, the BoE trimmed borrowing costs by 25 basis points to 4.75 percent at a regular policy meeting, its second reduction since August. The US Federal Reserve is set to reduce rates later in the day.
“We have been able to cut interest rates again” after UK annual inflation fell below the BoE’s target, the central bank’s governor Andrew Bailey said in a statement.
The Consumer Prices Index in Britain stands at 1.7 percent, the lowest level since 2021 and below the two-percent target.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” Bailey cautioned.
“But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
Major central banks started this year to cut interest rates that had been hiked in efforts to tame inflation, which had soared following the end of Covid lockdowns and Russia’s invasion of Ukraine.
Sweden’s central bank slashed borrowing costs by 0.5 basis points Thursday — its fourth this year and biggest reduction in a decade — while Norway made no change.
The Fed is later expected to trim by 25 basis points in a decision unlikely to have been influenced by Donald Trump’s return to power, according to analysts.
The BoE update follows a maiden budget last week from Britain’s new Labour government that featured tax rises and increased borrowing.
In August, the BoE reduced it key rate for the first time since early 2020, from a 16-year high of 5.25 percent as UK inflation returned to normal levels.
But it decided against a second reduction in a row in September. There was no October meeting.
The BoE hiked borrowing costs 14 times between late 2021 — when they stood at a record-low 0.1 percent — and the second half of last year.
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