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Food prices to surge over increase in transport fares — Esoko predicts

Commodity analyst, Esoko Ghana has predicted that food prices are likely to go up between two and five percent in the next couple of weeks.

According to Esoko, the increase in prices can be attributed heavily to the 10 % increase in transport fares.

The 10% increase in transport fares by the Ghana Private Road Transport Union, GPRTU took effect from Monday, September 16.

Justifying the reason for the increase in transport fares, the GPRTU said that prices of the various components that go into the running of commercial transport services have gone up.

“This is to accommodate predominantly an increase in fuel prices,” Kwame Kuma, the National Chairman of GPRTU said in a statement.

However, Content Manager at Esoko Ghana, Francis Danso Adjei, explains to journalists 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 we expect commodity prices to drop because farmers are harvesting. So it is going to be interesting how traders are going to respond and how 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.”

ALSO READ: Food Prices in Ghana: How you might spend on food in September 2019

Nonetheless, Esoko earlier predicted that all things being equal, most food prices in Ghana are expected to drop in price because of the harvesting of most crops.

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