Declining crude oil prices push January inflation rate down to 16.4%

The economy appears to be reaping some positive benefits from the declining prices of crude oil on the international market.

The development has resulted in stable food prices and has reduced inflation rate marginally for the month of January to 16.4 percent  from 17% in December.

Deputy Government Statistician, Baah Wadie,  told Joy Business “this means that the change in the general price level went up by 3.4 percent between December 2014 and January 2015”.

Government slashed fuel pump prices by 10 percent in December after several calls from labour and other civil society groups.

Global crude oil prices have dropped more than 50% since June last year, standing currently at a little less than 50 dollars a barrel.

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