GSS predicts 10.8% inflation will not last long; explains why it would fall soon
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GSS predicts 10.8% inflation will not last long; explains why it would fall soon

- The Ghana Statistical Service (GSS) has indicated that it is likely the rate of inflation would fall in the coming months

- It explained that the 10.8% rate recorded in April 2020 could be attributed to price hikes during the period of the lockdown

- The GSS, however, added that it is unlikely the rate would dip to the 7.8% recorded in March 2020

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The Ghana Statistical Service (GSS) has predicted a fall in the rate of inflation in the coming months. It explained that the 10.8% rate recorded for April 2020, was a result of price increases attributed to the lockdown period.

The rate is, therefore likely to slow down in the coming months, the GSS believes, but it adds it is unlikely it would dip to 7.8% that was recorded in March 2020.

The government's statistician, Professor Samuel Kobina Annim noted that “Indeed last month which is April we recorded 10.8% inflation which was the highest since August 2019 after the rebasing exercise. The rate that we announced last week was heavily impacted by the partial lockdowns and the sort of hedging that a lot of households and market women taking advantage brought about.”
GSS predicts 10.6% inflation will not last long; explains why it would fall soon

Professor Samuel Kobina Annim, Government Statistician Source: ucc.edu.gh
Source: UGC

READ ALSO: Ghana's economy grew by 6.5% in 2019 - GSS

Per a report by myjoyonline.com, while year-on-year inflation for March 2020 was at 7.8%, the month-on-month inflation between March 2020 and April 2020 was 3.2%.

Information available shows that these are the highest recorded year-on-year and month-on-month inflation rates since the CPI rebasing in August 2019.

Meanwhile, the GSS has revealed that the Producer Price Inflation (PPI) for April 2020 increased to 7.4%.

This is a 0.6% point increase compared to the March 2020 rate which was recorded as 6.8%.

The PPI is a measure of the average change over time in the prices received by domestic producers for the production of their goods and services.

READ ALSO: EIU predicts Ghana's economy will contract by 1% in 2020

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Source: Yen

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