Food prices expected to ease

Dar es Salaam. Food prices are expected to ease as supply from new harvests improves.

Wholesale food crops prices fell in August, down from the previous month’s, according to a latest report from the Ministry of Industry, Trade and Investment.

The report, released last week shows that prices for food crops including maize, sorghum, potatoes, beans and rice will go down.

The ministry attributed the slowdown in wholesale food prices to increased stocks from the harvest season.

“Wholesale prices of all selected major food crops declined in August 2017 from the preceding month,” says Bank of Tanzania economic review for September.

According to the data from the Ministry of Industry, wholesale maize prices fell to Sh57,127.8 per 100-kilo bag in August from Sh67,915 the previous month.

However, on an annual basis, maize prices declined by 2.3 per cent to Sh55,855 in August last year.

Monthly rice wholesale prices slowed to Sh169,735 per 100-kilo bag in August from Sh170,737 the previous month.

Annual wholesale prices increased by 21.6 per cent from Sh139,595.8 in August last year.

Sorghum prices decreased to Sh99,516.4 in August this year from Sh102,594 the previous month.

But on an annual basis, the prices increased by 10.7 per cent from Sh89,885.7 in August 2016.

Beans price slowed to Sh162,133.6 in August this year from Sh165,056.5 in July.

On annual basis, the wholesale price for beans rose by 8.3 per cent from Sh149,699 in August 2016.

However, on an annual basis, wholesale food prices increased.