The price of a barrel of oil drops by 10.8%, according to the Central Bank of Congo

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Kinshasa, August 8th, 2022 (CPA).-The price of a barrel of oil fell by 10.8% and stands at 95.3 USD per barrel, indicates the Central Bank of Congo (BCC) in its note on the economic situation of the week of August 1st to 5th, 2022.

According to the same source, the barrel of oil has reached the lowest level since the outbreak of the war in Ukraine. The rise in the barrel, the source said, was influenced by fears of a recession and the impact of demand on the international market.

The economic analyzes of the Institut d’mission de la RDC on the evolution of commodity prices also show that the price of copper stood at USD 7,773.0 per ton, i.e. u³444, an increase of 2.1 % week on week, supported by the prospects of a further decline in copper production in Chile and Peru which are the two major world producers of said ore.

The price of a tonne of cobalt fell significantly by 19.0%, settling at USD 56,291.4. This drop is the result of the resurgence of Covid-19 contaminations in Asia, weakening demand for this product. The value of an ounce of gold increased by 2.00%, amounting to USD 1,771.00.

Wheat and corn prices fell by 5.42% and 2.44% respectively, to USD 284.10 and USD 220.59 per ton, due to the resumption of grain exports by Ukraine, after a compromise with Russia under the aegis of the United Nations. The price of rice increased by 2.23% weekly, amounting to USD 384.11 per ton.

During the period under review, the prices of the main products traded by the DRC evolved in a distinct way. The trade balance ended in a surplus at the end of July 2022. As for international reserves, they experienced a slight rebound on a weekly basis.

The source notes that as of July 29th, 2022, foreign exchange reserves stood at $4.19 billion, or 2.51 months in terms of import cover for goods and services.

The rate of price formation maintained at 0.2% over the past three weeks

In the same note on the economic situation, the BCC indicated that price formations have remained at 0.2% over the past three weeks while the foreign exchange market has remained generally stable against the backdrop of continued good coordination. macroeconomic policies.

During the first week of August 2022, the weekly inflation rate stood at 0.234% compared to 0.227% a week earlier and 0.074% in the corresponding period of 2021, the source informs.

Compared to the previous week, the change in the consumer price index was more reflected in the evolution of the price index according to the following consumption functions: « food products and non-alcoholic beverages »,  » Housing, water, gas, electricity and other fuels”, “Miscellaneous goods and services” and “Transport” which contributed respectively up to 63.350%; 8.541%; 7.617% and 6.568%.

On a year-to-date basis, the inflation rate stood at 7.082% against 2.837% during the same period of 2021. Year-to-date, the inflation rate was 9.627% and should reach , all things considered, 12.162% at the end of December, against a medium-term objective set at 7.0% by the BCC.

Indeed, this level of weekly inflation is experiencing a slight depreciation of the national currency against the US dollar as of August 05, 2022. During this period, the Congolese Franc depreciated by 0.02% interbank and by 0.24% at the parallel, changing respectively to 2,005.76 and 2,068.33 CDF the US dollar.

The average exchange rate of all the provinces was fixed at 2,028.38 CDF per US dollar and recorded a weekly variation of almost zero, indicates the same source. ACP/