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Uganda Commodity Prices rise as dollar fluctuates
Owino Market in Uganda
Friday, 21 January 2011
A sharp increase in the international prices of commodities and a high dollar rate against the shilling has sparked a surge in prices local goods. Traders in downtown Kikuubo market are warning that prices could continue to increase which would result in a reduction in their profit margins
It is the begining of the year when most people are usually cash strapped but things are bound to even a worse turn as prices of basic commodities like cooking oil, soap and wheat flour increase.
A visit to downtown Kikuubo market reveals that the prices of these commodities have increased by between 5,000 shillings to 8,000 shillings.
20 liters Jerry can of oil has increased from 82, 000 shillings to 90,000 shillings while a carton of soap is retailing at 38,000 shillings from 32,000 shillings
For local manufactures of wheat flour, business is not smooth as usual as they are facing an acute shortage of wheat leading into an upward shot in prices of wheat flour.
A bale of wheat flour is retailing at 44, 300 shillings up from 39, 300. The traders are saying that they are going to reduce their stock as we near the election period.
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