Government Statistician, Professor Samuel Kobina Annim, has hinted that the continuous drop in the prices of petroleum products and other goods and services are yet to reflect in transport fares.
This is due to its slow impact on other factors of transportation.
According to him, although the drop in diesel and petrol prices for some time has been significant, it will translate into transport fares if spare parts and other component of the transportation sub-class record same reduction.
He was reacting to the current rate of inflation which dropped to 45% for the month of March 2023.
“Yes, we have seen some drops in diesel and petrol prices for the past few months. But one must bear in mind that other factors that makes up the component like the taxi cost and spare parts or materials are yet to get the impact of these reductions”, he said.
The rate of inflation for the month of March 2023 slowdown as a result of some historic deflation recorded in the Food and Non-alcoholic Beverage group during the period February 2023 and March 2023.
Professor Annim believes that the Consumer Price Index has been consistent with the decline in inflation since the beginning of the year, a situation he attributes to many factors.
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