A senior lecturer at the University of Ghana Business School, Dr. Patrick Asuming has told Ghanaians to expect inflation, especially food prices, to remain high for a long time.
This, according to him, is due to the challenges with the harvest season.
The inflation rate for the month of July 2022 was 31.7 percent, the Ghana Statistical Service (GSS) announced on Wednesday, August 10.
This is up from the 29.8 percent recorded in June 2022.
On a year-on-year basis, the difference between Food inflation (32.3%) and Non-food (31.3%) was 1 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%.
Speaking on the Key Points on TV3 Saturday, August 13, Dr. Asuming said “the high inflation is going to stay with is for a while, we all have to accept the highest inflation in the region we are seeing is going to be with us for some time.”
He stressed, “Ghanaians must condition their minds that food prices are not going to come down any time soon.”