Analysis of Market Prices of Selected Agricultural Commodities in Akwa Ibom State (1996-2014)

Abstract

The study analyzed the market prices of selected agricultural commodities in Akwa Ibom State (1996 – 2014). Specifically, a trend analysis of prices of selected agricultural commodities in Akwa Ibom State from 1996 – 2014 was carried out. Secondary data were obtained from the Statistics Division, Ministry of Finance and Economic Development Uyo, Akwa Ibom State. Data obtained was analyzed using descriptive and inferential statistics. The study revealed that the retail market prices of the selected agricultural commodities moved in the same direction. The mean annual percentage changes in the retail market prices of the selected agricultural commodities were high as the trend analysis showed a strong upward trend in prices overtime. Based on the findings, it was recommended that, there is need for current information especially in the area prices as it affects production and distribution of these commodities as this shapes expectations about future prices thus enabling the markets to function effectively. Also, policy measures that will encourage the collection of information on food stock should be adopted as this would better inform market participants and help avoid panic-induced price surges resulting from misinformation.

Keywords: agricultural commodities, market prices, trend analysis