35.2% inflation is enough to drop prices – Gatsi

Dean of the Business School at the University of Cape Coast, Professor John Gatsi, has said that the current rate of inflation is enough to ensure a downward trend in the prices of goods and services.

The inflation rate for the month of October, 2023 dropped to 35.2 percent, the Government Statistician Professor Samuel Annim announced.

The old rate was 38.1 percent as at September, 2023.

The decrease in the general inflation rate can be attributed to the marginal drop in food inflation, the Statistician said.

Food inflation in the period was 44.8 percent, while non-food was 27.7 percent

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In addition, Inflation for locally produced item was 34.4 percent while imported items was at 34.4 percent from 37.4 percent in last month.

In the regional differentials, the Eastern Region recorded the highest rate of food inflation while Upper East region recorded the lowest rate.

 

Speaking on this development on the Ghana Tonight show on TV3 on Tuesday, November 14, Prof Gatsi said “35.2 percent inflation dropping means that inflation has dropped around 18 %.

“That 18 percent is actually in enough to influence the policy rate and it is also supposed to be influencing prices on the market. So I believe people are right when they express this concern of ensure price reduction.”

 

 

Source:3news.com