Mixed expectations for food commodity prices

Tomatoes for sale

The outlook for local food commodities prices for the month of February has been projected with mixed expectations based on the performance of most commodities in the month of January and information gathered with regards to conditions going forward.

Data released on the performance of commodities for the month of January by Esoko, suggests that some commodities are expected to drop in prices with other ones expected to experience increase in prices.

January Performance

Data were gathered for seven major markets in Accra, Bawku, Kumasi, Tamale Techiman, Takoradi and Dambai. Of the 12 commodities measured for the month, on average eight dropped in price, with the remaining four inching upwards.            

The price of Gari dipped by 9.60 percent to close the month at GHc 160.00 per bag with Millet also dropping 8.44 percent to close at GHc 229.29 per bag. Soya beans dropped 7.67 percent to close at GHc 237.29 per bag with local rice also dropping 6.15 percent to close at GHc 322.71 per bag. Cowpea white price lost 3.60 percent to close at GHc 371.43 per bag with Maize also falling marginally by 0.52 percent to close at GHc 346.80 per bag.

Meanwhile, the price of tomatoes soared up, making a gain of 13.52 percent to close at GHc 440.83 per crate. Pona also gained 12.50 percent to close at GHc 582.17. Cassava made price gains of 1.63 percent to close at GHc 62.17 with Wheat making a price gain of less than one percent.

Crop Analysis

Maize

The average price for a bag of Maize fell by 2.54 percent to close the month at GHc 142.71. The highest price of GHc 194.00 was recorded at Takoradi with the lowest price of GHc 112.00 at Bawku. This is the first time Maize prices have dropped in the last two months.

Rice Local

The average price for a bag of Local rice dropped by 6.15 percent to close the month at GHc 322.71. The highest price of GHc 400.00 was recorded at Accra with the lowest price of GHc 271.00 recorded at Tamale.

Tomato

The average price for a crate of Tomato gained 13.52 percent to close the month at GHc 440.83. The highest price of GHc 534.00 was recorded at Accra and the lowest price of GHc 392.00 recorded at Takoradi.

All things being equal, it is expected that prices will generally rise in the coming weeks especially with the impending expected increase in petrol process and consequently, transport costs.

By Joshua W. Amlanu