Business News of 2014-07-19

Fare hikes increase price of commodities

Following the announcement by the commercial transport unions that transport fares should go up by 15 per cent, commodity prices in some markets have gone up, the GNA Market Watch team has observed. However, Market Watch did not find a direct “15 per cent increase in commodity prices as it had been with the fares”, the team reported.
Whereas most commodities registered price increases, it was also significant noting that others remained stable, especially in some major markets in Accra. The survey in markets in Tamale and Accra on Friday (July 18) revealed that most commodity prices were slightly up “because of the hike in transport fares”, as explained by traders. But generally, the price change was mixed.
For instance, trading in the Tamale Metropolis witnessed some commodity prices remaining unchanged from last week’s (July 11) closing price. Market Watch observed that in the two main markets of Aboabo and Tamale Central, the price of three tubers of yam were unchanged at GH¢14.00.
Again, consumers could get three small tubers at GH¢10.00 while a tuber was still selling between GH¢5.00 and GH¢7.00 depending on size. On the other hand, the price of a bowl of groundnuts saw marginal increases, trading up, from GH¢7.50 to GH¢8.50. There was a slight reduction in the price of beans, which traded down at GH¢8.00, from GH¢8.50 at the previous week’s close.
In markets in Accra, the price trend was not different from that of Tamale. While prices of some commodities were stable, others experienced marginal appreciation. Market Watch observed that at the Mallam Atta market, apart from the price of a bowl of maize, which was stable at GH¢ 4.50, same as last week, all other prices had registered marginal changes.
For instance, the price of a bowl of groundnuts, which traded for GH¢12 last week was up in the week under review, trading at GH¢14. Similarly, a bowl of beans also saw a price increase, from GH¢ 7 TO GH¢9. Also, a sack of onions, which was sold at GH¢ 320 last week was trading at GH¢ 350.
The price of a bowl of soya beans had increased to GH¢7, from GH¢5 last week, while an “olonka” of millet, which was sold at GH¢4 last week had increased to GH¢5. Market Watch noticed that a tuber of yam, which cost GH¢ 5, was selling at GH¢ 6. The story was not different in the Anyaa market, where prices of commodities like onion, maize, gari, beans, millet, yam and dry pepper all saw increases.
For example, a bowl of maize, which was sold at GH¢ 4.00 last week, was GH¢ 4.50. A bowl of beans (Niger variety) which sold at GH¢12.00 last week was selling at GH¢13.00, while the “Burkina variety”, which was GH¢6.00 last week, was selling at GH¢7.00.
Similarly, a paint rubber of onion, which sold at GH¢14.50 last week, was trading at GH¢16.00, while that of a paint rubber of dry pepper went up to GH¢15.00, compared to GH¢14.00 last week. On the other hand, prices of foodstuffs such as tomatoes, garden eggs, yam, plantain and fresh pepper were stable in the week under review.
A bunch of plantain sold between GH¢20.00 and GH¢32.00 depending on the size, and a paint bucket of garden eggs which was sold at GH¢6.00, same as the price of last week. A paint bucket of tomatoes sold at GH¢9.00, also same as last week’s closing price, with a paint bucket of fresh pepper selling at GH¢9.00and GH¢16.00, which depended on type of variety, and same as last week’s trading.
In the La market, three fingers of plantain was sold at GH¢5.00, while a bunch was sold between GH¢18.00 and GH¢30.00, depending on the size. Tomato sold at between GH¢12.00 and GH¢35.00 depending on the size of the bucket, while a paint bucket of onion was sold at between GH¢55.00 and GH¢60.00, also depending on the size.
Source: GNA
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