Commodity prices drops in August-Esoko report

There was a general drop in commodity prices at the end of trading in the month of August.

Tomato prices plunged by 41.69 percent to close at GHS 330.50 per crate. Pona followed with a drop of 9.07 percent to close at GHS 815.50 per 100 tubers. The price of gari educed by 6.02 percent to close the month at GHS 223.14 per bag with fresh cassava also losing 4.12 percent to close at GHS 139.50 per bag. A bag of maize lost 1.13 percent to close at GHS 162.43.

Some commodities however made gains. Cowpea (beans) gained 5.83 percent to close at GHS 469.57 with local rice also making a gain of 4.99 to close at GHS 363.57. Soya gained 3.36 percent to close at GHS 286.00 per bag with millet gaining 2.63 percent to close at GHS 256.00 per bag.

According to Esoko report, it is expected that commodity prices will continue to fall in September. This is because it is still the harvest season for most of the commodities grown down south of the country. “This is going to increase the volumes that are supplied to the market causing prices to fall,” it stated in its report. Esoko  is an agricultural profiling and messaging service company.

Read also: Falling Oil Price: A Challenge For Nigeria To Look Inwards – Lawan

Maize

The average price for a bag of maize lost 1.13 percent to close the month at GHS 162.43. The highest price of GHS200.00 was recorded at Dambai. The lowest price of GHS 110.00 was recorded at Bawku. It is expected that the price of the commodity will continue to fall further as more is supplied to the market.

Rice Local

The average price for a bag of local rice gained 4.99 percent to close the month at GHS 363.57. The highest price GHS 460.00 was recorded at Dambai with the lowest price of GHS 300 recorded at Takoradi. Prices will begin to fall when major producing areas harvest and supply the market.

Tomato

A crate of tomato lost 41.69 percent to close the month at GHS 330.50. The highest price GHS 460.00 was recorded at Accra and the lowest price of GHS 120.00 recorded at Kumasi. The price of the commodity continues to fluctuate on the market.