Akintunde Oyedokun
Research Analyst
Oil prices rose over 1% Tuesday, with Brent crude at $73.58 and WTI at $70.10, driven by tightening supply expectations and subdued holiday trading. Analysts predict stable prices near current levels as demand projections improve.
China’s $411 billion stimulus and anticipated U.S. crude stock declines added support. Mixed U.S. economic data highlighted robust manufacturing amid weaker consumer confidence.
Russia’s Inflation Hits 9.5%, Surpassing Projections
Russia’s inflation reached 9.5% this year, with the consumer price index rising 0.33% in the week ending Dec. 23, according to Rosstat. The central bank, which kept its key interest rate at 21%, aims to reduce inflation to 4% despite earlier predicting a maximum of 8.5%. Volatile fruit and vegetable prices, including an 8.3% rise in cucumber prices, drove the surge. Full-year inflation is now expected to reach 9.6–9.8%. Households report inflationary concerns for essentials like dairy, meat, and electronics, with expectations for next year at 13.9%, the highest this year.
India Weighs Tax Cuts For Middle Class In 2024 Budget To Boost Economy
India may reduce income tax for individuals earning up to ₹1.5 million ($17,590) in February’s budget to ease middle-class burdens and boost consumption, sources told Reuters. The proposed cuts, under the 2020 tax system with lower rates but fewer exemptions, could benefit urban taxpayers struggling with high living costs.
The government is yet to finalize details, with a decision expected closer to the February 1 budget announcement. The move aims to shift more taxpayers to the simplified system while addressing economic slowdown and inflation-driven declines in demand.
Sierra Leone’s Central Bank Holds Main Interest Rate Steady At 24.75%
In a statement released on Tuesday, Sierra Leone’s central bank announced its decision to keep the main interest rate unchanged at 24.75%. This move reflects the bank’s commitment to maintaining economic stability amidst persistent challenges such as inflationary pressures and global economic uncertainties.
By holding the benchmark interest rate steady, the central bank aims to balance the need for price stability with supporting economic growth. Analysts suggest that this decision indicates a cautious approach to monetary policy, especially in a climate of fluctuating commodity prices and ongoing efforts to bolster foreign reserves.
Nigeria, Saudi Strengthen Partnership With Focus On Trade, Investment
Nigeria and Saudi Arabia are enhancing economic cooperation, emphasizing export credit, insurance frameworks, and market access. Nigerian Finance Minister Wale Edun led a delegation to Riyadh, engaging with Saudi EXIM Bank, the Saudi Development Fund, and SALIC to explore investment in infrastructure, agriculture, and trade.
The discussions follow President Tinubu’s efforts to deepen ties, with both nations expanding collaboration into sectors like technology, energy, and mining. The renewed focus aims to foster mutual growth and development.
