Constant price increases have forced Ghanaians to reduce their appetite for Fast Moving Consumer Goods (FMCG), a survey by Maverick Research has disclosed.
The survey pointed out that consumers offset food price increases with non-essential items such as non-alcoholic beverages.
Again, consumers are not returning to luxuries in the current economic climate.
The research identified the tough lending and trading environment as the major causes of the increase in prices of the essential items.
There had been 48% increase in electricity tariffs within 2023, 18% increase in water tariffs within 2023 and 15% increase in petrol prices from June 2022.
Soft Drinks retain volume growth as cheaper complements and substitutes for food items.
The survey indicated that food inflation will persist and consumers will continue to switch, swap and squeeze to more affordable brands since there is pressure on their disposable incomes.
Secondly, the pressure on disposable income will continue to result in a flight to value. However, winning brands will be the ones that enhance value proposition (relative to competition) amidst price increases and down weighing.
The survey researched prices of goods in the Food, Home and Personal Care and Non Alcoholic Beverages sector
26 categories were covered. They include bottled water, coffee, deodorant, fruit juice, home and house care, milk, toilet soap and tooth paste.
The cities covered Accra, Tema, Ho, Cape Coast, Mankessim, Koforidua, Takoradi, Sunyani, Techiman, Kumasi and Tamale.
Latest Stories
-
Technology has complicated the landscape of copyright – Agyapa Mercer
14 mins -
Bolt Holdings OU ordered to pay GH₵1.9m after passenger finds his photo as driver in ride request
36 mins -
Full Text: NPP’s response to NDC’s call for independent audit of voter’s register
46 mins -
I’ll demonstrate against gov’t if it bans small-scale mining – Dennis Miracles Aboagye
49 mins -
AKOA Group signs MOU with GCTU
1 hour -
ECG privitisation: Who will put money in a failing organisation? – asks Nana Yaa Jantuah
1 hour -
Your call for independent audit of voter’s register hypocritical and mischievous – NPP to NDC
2 hours -
Why Ayariga coughed, itchy bottom and are you using the right condom – A review of Prof. Alex Dodoo’s ‘Healthy Secrets’
2 hours -
EC has a lot to do before the election – Methodist Bishop
2 hours -
Illegal mining affects food production – CSIR
2 hours -
Joy Sports secures exclusive interview with Michael Essien
2 hours -
Illegal Mining: President must declare a state of emergency – Nyaho-Tamakloe
2 hours -
Akufo-Addo assents to Affirmative Action Gender Equity Bill 2024
2 hours -
Ghanaian politicians aren’t interested in sports development – Veronica Commey
2 hours -
Joy Prime launches Big Chef Tertiary Season 2 on September 20
3 hours