BizTech: Why prices of goods remain high despite inflation decline

At the end of December 2022, Ghana’s national inflation was pegged around 53 percent. This culminated in the rising cost of living and persistent price hikes for goods and services and general gloom in the Ghanaian economy.

But in the first quarter of 2023 ending March, the Ghana Statistical Service announced that the inflation rate for March 2023 declined to 45.0 percent.

This comes after the rate for February recorded 52.8 percent, making it the third consecutive decline that the country had witnessed in its national inflation rate after marginal declines were recorded in January and February 2023.

While the development signaled some positive signs, the average prices of goods and services, particularly in the markets have remained largely high.

Although some market analysts have attributed the development due to the instability of the cedi against major trading currencies, others have blamed profiteering methods being adopted by traders.

On this week’s edition of BizTech, the GhanaWeb Business Desk discuss some factors that were contributing to the price hikes despite a decline in the country’ national inflation figures.

Watch the full interview below







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