Russia, Ukraine war distorts global markets
25 February 2022 | 3:54 am
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Russia’s invasion of Ukraine rattled global financial and energy markets, causing oil prices to spike and financial instruments to fall after Russian troops moved into Ukraine by air, land and sea.
Although crude oil price yesterday soared to about $105 per barrel, a development is last seen in 2014, Nigeria’s economy may face fresh uncertainties.
Already, analysts expect the increased global energy prices to filter into the domestic economy in the form of higher gas and other fuels prices.
Given that the utility sub-basket constitutes 32.6 per cent of the core inflation, they expect the core inflation to continue its ascent over the short term, with an overall negative implication for the headline inflation, especially with the lingering scarcity caused by adulterated fuel import.
Similarly, with major food items like wheat being imported from Russia, there are concerns about food inflation if the tension lingers.
https://guardian.ng/news/russia-ukraine ... l-markets/