P
ProfRem
Guest
A quick stroll at Nigerian market shows that price of commodities are still on the high side compared to the same commodity year on year.
This is an indication of the economy which plunged deeper into recession as gross domestic product (GDP) contracted 2.24 per cent (year-on-year) in real terms in the third quarter of 2016, from 2.06 per cent from the previous quarter.
Domestic food prices may have reached peak as consumer resistance bites harder.
Macro Indicators As At (02.12.16)
Brent Crude Oil Price: US$50.19 per barrel
Interbank Exchange Rate: N305/US$1
Parallel Rate - N482/US$1
NSE Market Cap (02/12/2016 .: N8.87
Natural gas $2.25/MMBtu
Cocoa $1.759/MT
Gold $37.84 Per Gram
Silver $0.53 Per gram
Rice - 50kg bag - N24,000
Garri 50kg - N15, 000 while paint bucket goes for N600 - 700
Bag of Cement - N2,300
Bag of Indomie 120Kg - 3, 200
Spaghetti - N200 - 250
Tomato - N800 - 1000 Per basket
Palm Oil - (25L) - N16,000 - N17,000
Semolina 10kg - N2,500 - N3,000
Sugar 50 kg - N17,000 - N19,000
Beans - 50kg - N20,000 - N23,000
This is an indication of the economy which plunged deeper into recession as gross domestic product (GDP) contracted 2.24 per cent (year-on-year) in real terms in the third quarter of 2016, from 2.06 per cent from the previous quarter.
Domestic food prices may have reached peak as consumer resistance bites harder.
Macro Indicators As At (02.12.16)
Brent Crude Oil Price: US$50.19 per barrel
Interbank Exchange Rate: N305/US$1
Parallel Rate - N482/US$1
NSE Market Cap (02/12/2016 .: N8.87
Natural gas $2.25/MMBtu
Cocoa $1.759/MT
Gold $37.84 Per Gram
Silver $0.53 Per gram
Rice - 50kg bag - N24,000
Garri 50kg - N15, 000 while paint bucket goes for N600 - 700
Bag of Cement - N2,300
Bag of Indomie 120Kg - 3, 200
Spaghetti - N200 - 250
Tomato - N800 - 1000 Per basket
Palm Oil - (25L) - N16,000 - N17,000
Semolina 10kg - N2,500 - N3,000
Sugar 50 kg - N17,000 - N19,000
Beans - 50kg - N20,000 - N23,000
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