MarketFriday: Increasing Prices in Goods And Services, A Quick Market Survey Today

Many people have been taken aback by the crypto crash. This is not unusual; crypto markets fluctuate, and I hope things will bounce back. The world is currently experiencing a severe economic crisis, which has already had a negative impact on the prices of goods and services.Fuel prices continue to rise, and this isn't just in Europe; Ghana has had its own share. Fuel prices have risen, causing goods and services to rise as well.

Marketers always set new prices whenever there is rise in fuel prices. It's difficult to regulate the marketing activities in our local markets; it appears that they take advantage of every little increment in fuel prices to set new prices for their goods. What I observed at our local market today didn't surprise me.

I was planning on purchasing a crate of eggs, but I decided to conduct a quick market survey beforehand. Prices have increased, precisely as I had predicted. Some of the products' previous prices and new prices are listed below.


Product	Previous Price	Current Price
Crate of egg	30 Cedis	45 cedis
Plantain(5 tubers)	5 Cedis	10 Cedis
Yam(a tuber)	5 Cedis	10 Cedis
Okro(5 fingers)	3 Cedis	5 Cedis
Smoked Salmon(1 pair)	6 cedis	8 Cedis
Smoked Catfish(1 pair)	7 cedis	12 cedis
Cassava(3 tubers)	5 Cedis	7 Cedis
Local Rice(A Cup)	2 Cedis	3.5 Cedis

_{Tubers of Yam}

_{Smoked Catfish}

_Eggs

_{Cassava and Plantain}

_{Palm nut}

_Okro

_{Smoked Salmon}

_{Local Rice}

These prices were discovered after talking to some sellers of specific products. A survey like this can be difficult to conduct. Unless you are buying, some people find it difficult to open up to you and tell you specifics about every product they sell.

Our local markets, which used to be affordable, now appear to be an expensive place to buy. Despite the fact that prices have increased, certain products have maintained their prices.

Following my short survey, I chose to purchase a crate of eggs, and these vendors have stores within the main market. When you walk in, you'll see many stores with a variety of sellers selling different products. You will also see vendors offering the same products, and it can be difficult to discern how each seller is able to make sales for the day, but believe me when I say that these marketers have marketing techniques in place to make their goods sell.

Every potential buyer is treated like a king or queen in a typical Ghanaian local market. The market women will address you with lovely names such as "hello Ohene or Ohemaa," which translates to "Hello King or Queen." They're simply one of their many marketing strategies to attract buyers.

When I went to Auntie Yaa's store to buy a crate of egg, I wasn't surprised at all. A crate of eggs use to be 30 cedis recently, but now it is 45 cedis. I'll get a change of 5 cedis with my fifty Ghana cedis. Given the current state of the market, buying things in bulk for the month is preferable to making small purchases. As a result, you will almost certainly pay less than you should.Following a previous shopping mall experience where things can be expensive, I anticipated that costs in the local market would be lower, but this was not the case. What's happening in your markets? what's going on in your markets share your experience in #marketfriday by @dswigle

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awuahbenjamin (67) 2 years ago

I can’t even fathom how prices of goods are always increasing ..it seems Ghana here we don’t have any control mechanism that check that…you can same thing from different shops at different price.. what a survey but the truth be told..things are hard of late

$0.00

collinz (76) 2 years ago (edited)

it seems the economic hardships span across the globe, and while some blame or link it to the Russian war, I am aware that other factors have also contributed to rising prices. Marketers are now taking advantage of fuel prices to increase their pricing, which is a terrible situation.