June food basket inflation plateau

Headline inflation for the month of June increase by 0.05% from the month of May while this trend can also been seen in the food basket index

AGRIC PRODUCE OVERVIEW

Research as shown that we are very happy people as a nation, also historic data shows that a rise does not always follow with a fall, at least there is a constant in between this or an oscillation which can be seen as no movement because of no significant change or a plateau.

Many speculated that there will be increase after minimum wage implementation, but the implementation was necessary even then, but high inflation now become inevitable with the global pandemic. But really the issue just compounded not a new issue with hike, market instability, devaluation and inflation.

Other economy’s suffer this too, but not at an astronomic level like ours. In summary, would this food crisis and height be over soon, research takes me to give a look at the Nigeria exchange rate and inflation over time with interest at the previous global economy crisis (2001, 2008) sadly as a very optimistic nation this data turns out to take at least 5yrs before a correction to single digit. But with a picking up since 2016 it has double peaked, coupled with the pandemic this might be a long run. As the exchange rate show a plateau just below the peaks in the data.

2. Product update;
Hope you are not too bored with the intro, this detail matters that is why inflation is measure in CPI(consumer price index). With this all said volatility will not be a surprise, especially the bullish ones, Palm Oil took its turn as it now goes for ₦22,000, since its complementary product Vegetable oil earlier moved to ₦28,000

The bull was not really over for Beans too, but more of a plateau as discussed above. Foreign rice getting cheaper is another main concern, Note that the detailed prices update are all in the image above, check and it is......READ MORE

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