Professor Patrick Asuming is an economist
Professor Patrick Asuming, an economist, has cautioned Ghanaians against misinterpreting the country’s declining inflation trend as a sign of decreasing prices.
Speaking on JoyNews’ PM EXPRESS on June 19, 2025, he said that despite the consistent decline in inflation, prices continue to rise, albeit at a slower pace.
He emphasises that the reduction in the inflation rate merely signifies a decrease in the rate of price increase, not an actual drop in prices.
“There is a rate of price increase that has reduced, but that doesn’t mean prices are coming down,” he stated.
He warns that this distinction is crucial, as the cost of living remains impacted by the persistent rise in prices, and Ghanaians should therefore not be lulled into a false sense of security by the improving inflation data.
Professor Asuming’s warning coincides with a drop in the Producer Price Index (PPI) from 18% to 10%.
However, he emphasises that this decline merely indicates a slowdown in the rate of price increases, not a reversal.
According to him, prices continue to rise due to factors such as increasing utility tariffs and high domestic production costs, which are independent of the inflation trend.
DR/MA
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