Prices of foodstuff are likely to go up between two and five percent in the next couple of weeks. This is according to Commodity analyst, Esoko Ghana.
According to Esoko, the increase in prices of foodstuff can be attributed heavily to the 10 percent increase in transport fares.
The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council issued a statement announcing a 10 percent increase in transport fares which took effect on Monday.
They explained that the increase is to accommodate an increase in fuel prices. Transport fares were last increased by the GPRTU in April 2017 by 15 percent.
The increase is expected to cover intra-city travel commonly called trotro, intercity or long-distance travels and shared taxis.
Content Manager at Esoko Ghana, Francis Danso Adjei, explains that prices should have dropped around this time of the year as foodstuff is being harvested. But aching to the current situation, prices of foodstuff is likely to go up within the next week or two.
“It must also be noted that around this period are periods we expect commodity prices to drop because farmers are harvesting. So it is going to be interesting how traders are going to respond and prices are going to respond to these changes,” he explained.
Adding that, “By the close of this week we will start picking signals from the market on how traders would want to respond to the increases.”
Although Esoko cannot readily ascertain by what percentage prices could shoot up, Mr. Danso Adjei is confident traders will ensure they do not run at a loss by the increase.