This analysis by Esoko looks at food prices in October. It is also indicative of food prices in November and towards the end of the year. Commodities traded mix in the month of October with an overall average rise in prices of 1.79 percent. The different mix of commodities are discussed below.
Commodities which saw Price Reduction
Maize dropped 7.29 percent to close the month at GHS 131.71 per 100kg bag with Gari dropping 9.96 percent to close at GHS 172.86 per bag. Groundnut also dropped 6.07 percent to close at GHS 503.29 per bag. Wheat dropped 0.98 percentage points to close at GHS 301.40 with Millet also losing 3.51 percent to close at GHS 225.57. Pona lost less than 0.1 percent.
Commodities which saw Price Increase
Some commodities saw increase in their prices. Tomatoes had a 33.32 percent hike in price from last month’s GHS 341.67, jumping to GHS 455.50. Cassava gained 5.84 percent to close at 72.50 per bag with Soya also gaining 4.43 percent to close at GHS 240.14. Cowpea made gains of 2.92 percent to close at GHS 381.43 with local rice also gaining 1.83 percent to close at GHS 330.29. Imported rice gained less than 1% percent.
The average price for a bag of maize dropped 7.29 percent to close the month at GHS 131.71. The highest price of GHS 180.00 was recorded at Accra with the lowest price of GHS 79.00 at Techiman.
The average price for a bag of local rice gained 1.83 percent to close the month at GHS 330.29. The highest price GHS 440 was recorded at Dambai, and the lowest price of GHS 246.00 recorded at Tamale.
A crate of tomato gained 33.32 percent to close the month at GHS 455.50. The highest price GHS 750.00 was recorded at Dambai and the lowest price of GHS 189.00 recorded at Tamale.Traders say that the prices are high due to the continuous rain which is causing the tomatoes to rot. However, traders in Tamale are trading the local ones that are grown around Tamale and its environs
Outlook for November
All things being equal, commodities are expected to trade mix in the month. We expect food prices in November to start increasing later in the month due to higher food demand towards the festivities. Both yam and imported rice which are most consumed mostly stayed level with a slight drop and a slight increase respectively. This trend is a good ground for an upward trajectory getting to the end of November and into the Christmas season.
Watch out for your last forecast for Christmas. It will help with budgeting for food during the yuletide and into the often draggy January.
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