Business News of 2014-01-18

Food commodity prices stable despite fuel price increases

A market survey conducted by the Ghana News Agency in various parts of Accra on Friday showed that prices of most commodities remained unchanged despite the fuel price increase announced on Thursday, January 16, 2014.

This trend was explained by the fact that so far, the cost of transportation had generally remained unchanged.

At the Osu Night Market, most food commodities continued to maintain the old prices.

Maize sold at GH¢2.50p "Olonka" tin measure while a small bottle of palm oil is also sold at GH¢2.00, with the big bottle selling at GH¢7.00.

An olonka of fresh palm-nut was sold at Gh¢3.00, four fingers of plantain for GH¢4.00, two tubers of cassava for GH¢2.00 and four tubers of cocoyam also went for GH¢5.00.

According to Mrs. Esther Aryeh, a trader at the market, “Petrol is very essential in every social activity and therefore the increase would affect cost of the food stuffs when transport charges go up soon".

Commodity prices at Nima market also remained the same on Friday as compared to last week, the GNA survey revealed. For instance, the price of an “olonka” of dried pepper remained stable at GH¢10.00 over the past week.

An olonka of 'gari' went for GH¢3.50p, while an olonka of beans sold at GH¢5.50P and the same measure of maize remained at GH¢2.40P.

An olonka of wheat was sold for GH¢ 9.00; with local rice going for GH¢ 8.00. A bowl of tomatoes (Navrongo variety) sold at GH¢ 6.00 on Friday while onion sold for GH¢7.00.

Five fingers of plantain sold at GH¢ 2.00 while a tuber of yam went for GH¢3, GH¢4, and GH¢5 depending on the size. An olonka of local rice sold at GH¢ 8.

At the Makola market in Accra, foodstuff prices also remained unchanged on Friday compared to last week.

Prices of items such as gari, yam, palmnut and maize have maintained the same level as last week. Auntie Naana Kumiwaa, a trader, said an olonka of gari sold at Gh¢4.50 for the past week.

A big sized tuber of yam sold at Ghc4, the same as last week. An olonka of palmnut still cost Gh¢ 3.00, while that of maize which went for Gh¢ 2.50 last week still sold at the same price on Friday.

At the Madina Market the prices of foodstuffs showed the same trend as in the other centres. An olonka of millet sold at GH¢3. 50p and maize for GH¢ 3.00, the same as last week.

The price of an olonka of groundnut which was sold at GH¢ 10.00 last week remained the same on Friday. Four fingers of plantain which went for GH¢ 2.00 last week, also remained unchanged.

Other market centres including Tema Station in Accra, and the La Mini market reflected the same trend. Prices of millet, beans, yam, groundnut, maize, garden eggs, tomatoes and okra were generally stable on Friday relative to last week's prices.

However, the prices of some commodities at La mini market showed a slight upward movement as at Friday.

The prices of beans, yam, smoked fish, palm nut oil, vegetable oil, fresh palm nut and plantain had witnessed a marginal increase over the past week.

Madam Mary Addo, a plantain seller at the market said the cost of five fingers of plantain had gone up to GH¢ 3 from its initial price of Gh¢ 2.00.

An Olonka of garden eggs which sold at Gh¢5.00 the previous week had increased to Gh¢ 6.00 A gallon of vegetable oil which sold at Gh¢ 7.80 had also gone up to Gh¢ 8.00, while the mini-gallon of palm oil which was sold at Gh¢ 18 the previous week had gone up to Gh¢ 20.00 as at Friday.

Similarly, the prices of yam, smoked fish (salmon), tomatoes and onions witnessed slight upward movements as at Friday, the survey maintained.

Mary Kottey, a palm nut seller said the prices of both the local and hybrid palm nut fruits had moved from Gh¢4.00 to Gh¢ 5.00 in the past week.

An olonka of tomatoes which went for Gh¢9.00 the previous week had increased to Gh¢ 10.00 on Friday, whiles an olanka of onion went up from Gh¢7.00 last week to Gh¢ 8.00 as at Friday.

Source: GNA
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