Month-on-Month analysis of food prices show that average prices of selected food items
reduced from December 2017 to January 2018. Precisely, total average month-on-month price
decreased from 2.48 percent to 1.19 percent, with reductions in unit prices of items such as
eggs, chicken, beef, rice, fish, and palm oil among others. Food prices which remains largely
volatile in the short term, may have reduced in the review period due to a slight fall in consumer
demand following the end of the festive period. Looking forward, the decline in food prices may
be short-lived in the absence of yield-enhancing investments that can sustain food
production/supply. Hence, the government should promote policies that alleviate the credit constraints to yield-enhancing investment in the private sector.
Macroeconomic Report & Economic Updates
March 10, 2018
Nigeria Economic Update (Issue 7)
Month-on-Month analysis of food prices show that average prices of selected food items reduced from December 2017 to January 2018. Precisely, total average month-on-month price decreased from 2.48 percent to 1.19 percent, with reductions in unit prices of items such as eggs, chicken, beef, rice, fish, and palm oil among others. Food prices which remains […]
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Nigeria Economic Update (Issue 39)
Nigerias
external reserve fell marginally by from $25.36 billion to $25.16 billion.
The decline likely reflects the continued sales of dollar by CBN amid fall in
oil revenue. Similarly, the naira/dollar exchange rate depreciated marginally
by 0.5 percent to N424/$ at the parallel segmentas also seen in
preceding weeks. The continued depreciation likely points to banks low level
compliance to CBNs dollar sales directive made in August, 2016,
thus creating artificial dollar scarcity in the parallel market.