Effects Of Coronavirus on Prices in the Market

 Simon Quaye 

17174091


Consumers must brace themselves to pay more for their  food commodities  contrary  to predictions of price reductions.

                             


                                                     

Food prices are important for several reasons. First, they are a bellwether for stress within the food system: greater than normal food price volatility often indicates that something is not right in the fundamentals that get food from farms to forks. For example, internal movement barriers and lack of transportation can lead to food not making it from rural areas to urban markets, leading to a supply-demand mismatch and perhaps upward pressure on prices. In some cases, price changes result from consumer demand shifts, such as a shift in preferences towards less perishable foods. Larger drivers outside the food system . An example is changes in currency values or oil prices also influence prices, food emphasising the interconnectedness of economies and how food systems are embedded within even larger economic systems. 



 When the most nutritious foods, such as fresh vegetables or animal-source foods (which are already comparatively pricey, become more expensive, people tend to purchase less of them; when staples become more expensive, people tend to protect their consumption of these ‘essential’ foods by reducing consumption of more ‘optional’ foods – often those highly nutritious fresh vegetables, fruits, and animal-source foods. Alternatively, they may substitute with poorer-quality versions. The result is a decrease in diet quality.

                            


In the wake of the    COVID -19 pandemic there was an astronomical increase in prices of food commodities as consumers resorted to panic buying. Food prices increased on monthly basis from March,April, May and June. Agric profiling company Essoko subsequently predicted continuous monthly  reduction of food prices due to increase supply in the harvest season.

But is that really the case  in the month of September? Speaking to NAFTI news in  one of the markets in Accra,  consumers who bear the brunt of the food price hikes did not hide their frustrations as  prices of fruits are also increasing contrary to expectations.

                 


If the food prices continues to rise,you must brace yourself to pay more for the food contrary to expectations.


Esoko reports 

            Source: Simon Fugar, Esoko.com 


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