High food prices in Ghana will be with us for sometime – UGBS Lecturer

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.

Inflation rate for the month of July 2022 was 31.7 per cent, the Ghana Statistical Service (GSS) announced on Wednesday August 10.

This is up from the 29.8 per cent recorded in June.

On year-on-year basis, the difference between Food inflation (32.3%) and Non-food (31.3%) was 1 percentage points.

On month-on-month basis, food inflation (3.3%)  records a higher rate than non-food (3.0%), leading to 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 sometime.”

He stressed “Ghanaians must condition their minds that food prices are not going to come down any time soon.”