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Mon, 07 Mar 2011 Business & Finance

Conmmodity index

By OBED BOAFO
Conmmodity index
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Tamale experiences hike in price of local rice
The price of local rice went up astronomically in the week ended March 4 in an unusual price movement. Local rice is one of the few commodities that have experienced a fairly stable price in trading, at both wholesale and retail levels. But in the week to March 4, the Tamale market saw a 50 per cent price increase in wholesale trading when the price of the commodity jumped from GHC0.48 a kilo the previous week to GHC0.72 a kilo in the week under review. In wholesale trading, the price hike was 49 per cent; it increased from GHC0.49 a kilo the previous week to GHC0.73 a kilo. According to Esoko market watchers, the price hike was due to increased demand for the commodity, which was explained as follows: “A new company set up in the region has created a huge demand for the commodity, causing prices to increase astronomically”. “There is the likelihood that shortages could be created”, the Esoko market watchers added. The Esoko Commodity Index- Retail (EGCI-R) closed the week at 4260 points, from the previous week's closing of 3795 points and the wholesale index-EGCI-W closed the week at 2026 points, from the previous week's closing of 1829 points.

41 percent rise in the price of Groundnut in Bawku
Bawku market- The price of groundnuts went up by 36 per cent in wholesale trading, moving from GHC1.69 a kilo the previous week to GHC2.30 a kilo in the week ended March 4. The commodity experienced a price increase of 41 per cent in retail trading in the same market, when it moved from GHC1.70 a kilo to GHC2.40. In the other markets, covered by Esoko, the commodity traded largely at the same price as the previous week.

Techiman market- There was a price surge in the price of tomato in the Techiman market when the commodity experienced an 86 per cent increase in wholesale trading, moving from GHC0.58 a kilo the previous week to GHC1.08 a kilo in the week under review.

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