I was surprised to see a decline in inflation rate – Prof Patrick Asuming

An economist at the University of Ghana Business School, Professor Patrick Asuming has expressed surprise at the downward trend in Ghana’s inflation.

He observed that the drop in inflation comes at a time when the Cedi has decreased against the dollar and also the cost of production inching up.

“I have to say I was a little surprised to see the inflation rate coming down. I was expecting that we might see some marginal increase.

“That is because within the period we have seen the currency depreciate a lot, especially between April and May and also we have seen the underlying cost of production go up,” he said on the Ghana Tonight show on TV3 Wednesday, June 12.

High cost of living: I was surprised to see the inflation rate come down. – Prof. Patrick Asuming, economist, UGBS#GhanaTonight pic.twitter.com/2EdjoPJIAZ

— #TV3GH (@tv3_ghana) June 13, 2024

The Ghana Statistical Service (GSS) announced on Wednesday that inflation for the month of May 2024 went down to 23.1%.

This represented a decline of 1.95 percentage points from the figure recorded in April, 25%.

Food inflation declined by 4.2% to 22.6% while non-food inflation increased to 23.6%, vegetables, tubers and plantains recorded the highest contribution of 3.6% percentage points to the food inflation’s 22.6%, the GSS added.

This was followed by ready-made food and fish and other sea food being the next food sub-classes with the highest contribution to food inflation.

 

 

 

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