ABC News has gathered that prices of foodstuff are likely to go up between two and five percent in the next couple of weeks due to increase in cost of transportation.
Content Manager at Esoko Ghana; a commodity analyst, 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.
He added 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.
The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council this week issued a statement announcing a 10 percent increase in transport fares.