Business News of 2014-08-16

Wholesale commodity prices fall

For the first time this year, the Esoko-GNA Commodity Index (EGCI) recorded a decline in wholesale trading.

The carefully selected seven markets, 12 commodities index, which tracks physical market prices, ended the week to August 15 at 24686, down by 312 points on the previous week’s closing, in wholesale trading.

However, EGCI-R, which tracks retail trading recorded an increase in the week under review, the index closing the week at 28281 points, up 172 points on the previous week’s closing.

Cowpea, tomato, millet, yam and imported rice all had price drops in wholesale trading and according to GNA Market Watchers, it was down to the arrival of new stocks in the market.

However, because retailers still had old stocks to sell, the glut in wholesale trading was yet to be factored in, the Market Watchers explained.

Therefore, apart from imported rice that followed the price trend in wholesale trading, Cowpea, tomato, millet and yam all recorded marginal price increases.

Meanwhile, whereas generally prices had declined, supply shortage in some markets saw the price of tomatoes doubling in some markets in Accra.

A paint bucket of the produce, which had sold at GH¢15 the previous week closed the week under review at 30 cedis.

The story was not different for yam as the price of the tuber doubled in some markets.

Heavy rainfall in some food growing areas is said to have disrupted supplies to most markets, especially the retail markets as some roads have become extremely difficult for drivers to use.

Source: GNA
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