How you might spend on food in March 2019

Henry Cobblah March 5, 2019

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In March 2019 most producers (farmers) may want to sell all their old stock to raise enough money to purchase input for the new season. This may drive some food prices down.

COUNTRYWIDE ANALYSIS

In terms of local pricing for some food stuffs, Rice was most expensive in Accra, Maize was most expensive in Takoradi while tomato was most expensive in Dambai. These trends would continue in March.

Most commodities made gains in the month of February. Majority of the gains made were less than 5%. Groundnut made gains of 4.09% to close at GHS 479.10 per the 50kg bag. Yam, quoted as 100 tubers, also increased by 2.52% to close at GHS 596.82 with Maize gaining 2.49% to close GHS 146.26 per the 50kg bag. Millet gained 1.31% to close at GHS 232.29 per bag with local rice also gaining 1.24% to close at GHS 326.71 per 50kg bag. Soya gained 1.14% to close at GHS 240 per bag. The price of Gari gained 14.40% to close at GHS 183.04 with Wheat also gaining 14.38% to close at GHS 288.80 per bag.

Fresh cassava gained 6.72% to close at GHS 66.34 per bag. Meanwhile, Tomato and Cowpea dropped in prices. The average price of tomatoes dropped by 5.25% to close the month at GHS 417.69 per crate with Cowpea (beans) also dropping 2.24% to close at GHS 363.12.

CROP ANALYSIS
Maize
The average price for a bag of maize gained 2.49% to close the month at GHS 146.26. The highest price of GHS 190 was recorded at Takoradi with the lowest price of GHS 115 recorded at Bawku.

Rice Local
The average price for a bag of local rice gained 1.24% to close the month at GHS326.71. The highest price GHS 400 was recorded at Accra with the lowest price of GHS274 recorded at Tamale.

Tomato

The average price for a crate of tomato lost 5.25% to close the month at GHS 417.69. The highest price GHS 533 was recorded at Dambai and the lowest price of GHS325 recorded at Accra. Tomato prices over the month have been very unstable with prices being very high in the first two weeks and dropping in the third week. In the last week of the month of February, the commodity traded mixed on the various markets with some experiencing high prices while others recorded low prices. The net effect has resulted in the average commodity price picking up again in the last week of February. This trend is expected to continue in the month of March.