Ghana's high food prices will continue for some time – Lecturer

Dr. Patrick Opoku Asuming.jpeg Dr. Patrick Opoku Asuming, Economist and Senior Lecturer, UGBS

Sun, 14 Aug 2022 Source: www.ghanaweb.com

Dr Patrick Asuming, a senior lecturer at the University of Ghana Business School, has stated that the prices of food may not reduce anytime soon, as Ghana's inflation will remain high for a long time.

He said on TV3's 'Key Points' programme on Saturday, August 13, that it is because of challenges with the harvest season.

“The high inflation is going to stay with us for a while; we all have to accept the highest inflation in the region we are seeing [because] it is going to be with us for some time.

“Ghanaians must condition their minds that food prices are not going to come down any time soon,” Dr Asuming stressed.

Ghana's Inflation rate for July 2022 was 31.7 per cent, the Ghana Statistical Service (GSS) announced on Wednesday, August 10.

This is up from the 29.8 per cent recorded in June.

On a year-on-year basis, the difference between Food inflation (32.3%) and non-food (31.3%) was one percentage point.

On a month-on-month basis, food inflation (3.3%) records a higher rate than non-food (3.0%), leading to a 0.3 percentage point difference.

The percentage point increase in non-food inflation (2.1) between June and July 2022 is higher than food inflation (1.6).

The percentage point difference between inflation for imported items (33.9%) and locally domestic items (30.9%) was 3%.

Watch the latest episode of BizTech below:

Source: www.ghanaweb.com
Related Articles: