Oppong Nkrumah: 3.8% Inflation Means Slower Increases (Not Falling Prices)
Kojo Oppong Nkrumah, the MP for Ofoase Ayirebi, has made it clear that Ghana’s reported drop in inflation to 3.8% does not mean that prices of goods and services have generally gone down. The former Information Minister told JoyNews’ PM Express that the number shows that prices are rising more slowly than they were last year, not that they are actually falling. He said that even though some businesses may have seen lower costs for some inputs, others are still dealing with higher costs, which is why prices are going up and down. Oppong Nkrumah also said that inflation is based on a basket of goods from the Ghana Living Standards Survey. This means that it measures average changes instead of what each person experiences, and he warned that what people think about the cost of living may not match up with official numbers.
