Current market trends reveal food prices in October will remain fairly stable, however occasional drops in prices may be experienced, Esoko has revealed.
Food Prices at the end of August
According to Esoko’s Commodity Index report released to Ghana Talks Business, some food items at the end of trading in September witnessed a fall in prices, while some others experienced price increases.
This price of Gari experienced a 3.78% increase to close at GHS 231.75 per 68kg with the price of white rice (local) also increasing by 3.18% to end the month at GHS 223.14 per bag.
The price of tomato increased by 5.35% to close at GHS 348.17 per crate with Soyabean experiencing a 3% increase to end the month at GHS 294.57.
On the other hand, foodstuffs like yam (pona) experienced an 8.9% decrease in price to close at GHS 742.83 per 100 tubers which translates to consumers paying an average of GHS7.4 per yam tuber. Maize (white) and shelled groundnut recorded a 5.28% and 3.79% in losses respectively to close at GHS 153.86 and GHS 544.43. Cowpea dropped slightly by 1.61% to close at GHS 477.14
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Food Prices in October
All other things being equal, food prices will remain largely stable in October, especially in most parts of the market in the south however with some exceptions, according to ESOKO Ghana. This is due to the continuous harvest season the southern markets are experiencing.
ESOKO also indicated that food supplies from the northern parts of the country will see some increases towards the end of October hence further drops in prices.
Moreover, should the country continue to experience this relatively good rainfall pattern all other things being equal, the harvest season will remain a while longer with great yields.
Consumers can therefore expect to pay an average price of GHC8.00 or less for a price of a commodity like pona (a type of yam).
Chart 1.1 Crop Analysis Across Markets
Data Source: Esoko