Sunday, 25 February

'Shrinkflation': Kenkey size reducing as price hits ¢5 in parts of Accra – Index

News
By April, 41 per cent of the kenkey available was priced at GH¢4, with an average selling price of GH¢3.44

According to 'The Kenkey Index,' the price of a ball of the local Ghanaian meal went up in Accra back in November 2022. 

By November 2023, one-third of kenkey joints in Accra were selling their product at GH¢5, with Teshie being the only place where kenkey was still available at GH¢2.

Kenkey, an indigenous Ga meal, typically served with black or red pepper and various accompaniments, witnessed a significant price increase in 2023. 

The Index reported that the first time a ball of kenkey was sold at GH¢4 was in November 2022, and by January 2023, roughly 10 per cent of kenkey on the market was priced at GH¢4, with an average selling price of GH¢2.83.

However, by April, 41 per cent of the kenkey available was priced at GH¢4, with an average selling price of GH¢3.44. 

The value of kenkey further dropped by 17 per cent over the first half of 2023, ending at 102 grams per Ghana cedi in July.

The Kenkey Index emphasised that while the selling price affects affordability, the value for money lies in the price of kenkey at a given weight.

“April was also the month when the five-cedi kenkey made its entry. By November, one-third of the kenkey on offer on the streets of Accra was for GH¢5 – in the same month that the two-cedi kenkey disappeared. (Teshie was the last stop for the two-cedi kenkey)".

It noted: “Kenkey began 2023 in the middle of a steep price increase. The Kenkey Index had first recorded four-cedi kenkey in November 2022. As of January 2023, roughly 10 per cent of the kenkey for sale on the market was at GH¢4, and the average selling price was GH¢2.83. But by April, 41 per cent of the kenkey on offer was at GH¢4, and the average selling price was GH¢3.44.”

Per the Index: “While the selling price affects affordability, the value for money lies in the price of kenkey at a given weight. On that measure, kenkey started the year at 124 grams per Ghana cedi, a 20.5 per cent drop over the preceding three months, as consumers experienced a sharp drop in their kenkey well-being through shrinkflation.”

“The value of kenkey continued to drop another 17 per cent over the first half of the year, ending at 102 grams per Ghana cedi in July.”

Source: classfmonline.com