AFEX Commodities Index Continued Its 2-week Negative Performance

For the reporting week, the AFEX Commodities Index (ACI) declined marginally by 0.21% (W-o-W), this is attributable to the decline in paddy rice prices while other commodities covered by the index remained flat for the reporting week. On the other hand, the AFEX Export Index (AEI) remained unchanged compared to the previous week, as cocoa and ginger prices on the exchange remained the same as the previous week.

Unlike trends witnessed in the domestic market, prices of commodities, especially grains, have accelerated faster in the international space. This is reflected in the IMF’s and FAO’s food price index which ended Q1, up by c.11% on the back of renewed demand for commodities across economies