GSS monthly inflation figures true reflection on the market – Analyst

A financial analyst, Patrick Baah Abankwa, has patted the management of Ghana Statistical Service (GSS) on the back for releasing monthly inflation figures that are a true reflection of the market.

Mr Abankwa made this commendation while reacting to the drop in inflation to 41.2 percent for April on Accra 100.5 FM's evening news on Wednesday, May 10, 2023.

His commendation came on the back of some critics challenging the figures because prices are still high on the market.

He explained that in certain instances, inflation may fall at the end of the month but prices may still be higher on the market.

He noted that inflation figures are calculated month on month.

He added that if inflation last month was 55 percent and prices were GH¢100 representing a 100 percent increment and next month's prices have been increased by GH¢120, it means inflation has fallen, adding, it is no more the 100 percent so the new month's inflation is calculated on the GH¢20.

"It is compared every month so inflation varies on the month on month," he noted.

The Ghana Statistical Service (GSS) on Wednesday, 10 May 2023, said Inflation has dropped to 41.2% for April 2023 representing a 3.8 percentage point decrease from the 45.0% recorded in March 2023.

The Western North region recorded the highest food inflation at 78. 3% for the month under review while the Volta region recorded the lowest inflation.

Inflation for locally produced items stood at 38.2%, while inflation for imported items stood at 43.1%.

Month-on-month inflation is 2.4%.

Food and Alcoholic Beverage recorded the highest inflation of 4.3%, whilst non-food inflation was 0.7%