Tuesday, July 16, 2024
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“I’m surprised inflation rate dropped – Prof 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.

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%.

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

Food inflation rate declined by 4.2% to 22.6%, with vegetables, tubers, and plantains being the largest contributors to the decrease, accounting for 3.6% of the total food inflation, followed by ready-made food and fish and other sea food, while non-food inflation rose to 23.6%, according to the Ghana Statistical Service (GSS).

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