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A drop in inflation does not indicate a decrease in prices -UGBS Economist

People feel disconnected from the drop in inflation rate because of the misunderstanding of what the downward trend means, an economist at the University of Ghana Business School (UGBS), Professor Patrick Asuming has said. 

“He clarified that the drop in inflation rate doesn’t mean prices are decreasing, and people may feel disconnected from the stats due to misunderstandings about what inflation rate means.”

“So, just because the inflation rate has decreased doesn’t mean that prices have decreased. If you compare the rate from last month, which was 25 percent, to this month’s rate of 23.1%, it does not suggest that prices have declined; rather, prices are rising slowly.

“So the rate of price increase is slowing. That is one aspect of the confusion,” he stated on TV3’s Ghana Tonight on Wednesday, June 12.

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