Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, has clarified that Ghana’s reported decline in inflation does not mean that prices of goods and services have generally reduced.

Speaking in an interview on JoyNews’ PM Express on Monday, the former Information Minister explained that the Ghana Statistical Service’s latest inflation figure reflects only a slowdown in the rate of price increases, not an overall fall in price levels.

“The Ghana Statistical Service reports a decline in inflation to 3.8%. Starting off, we should correct some facts.

"I don’t think it’s correct to say that price levels have generally gone down. That’s not what the Ghana Statistical Service is saying.

“The Ghana Statistical Service is reporting that the rate at which prices are increasing last year as compared to this year is just a 3.8% jump. So year-on-year inflation is 3.8%,” he explained.

He emphasised that inflation falling is not the same as prices falling, warning that public narratives around the figures can sometimes be misleading.

The MP referenced reactions from consumers and traders who, despite the official inflation decline, say the cost of living remains high.He noted that while some businesses may have seen reductions in certain inputs, others continue to face rising costs, leading to mixed outcomes in pricing.

“If you watch the videos that you played, you have people telling you that whilst some of their inputs have gone down, others have gone up. The net effect is that for some, they are keeping their prices constant, and for others, prices have even increased,” he said.

Mr Oppong Nkrumah acknowledged that many consumers feel the reality on the ground appears worse than the official figure suggests, adding that there are several reasons that could explain the disconnect.

He further explained that inflation is calculated based on a basket of goods derived from the Ghana Living Standards Survey, meaning it measures average changes across selected items rather than individual consumer experiences.