Ghana’s inflation rate has dropped to 23.1% down from 25.0% in April 2024, marking a 1.9 percentage point reduction. This decline was largely influenced by a decrease in food inflation, as reported by the Ghana Statistical Service.
Food inflation saw a significant drop, falling to 22.6% in May from 26.8% in April. However, non-food inflation experienced a slight increase, rising to 23.6% in May from 23.5% in the previous month. Additionally, the inflation rates for both locally produced and imported items decreased, with locally produced items falling to 24.7% and imported items to 19.6%.
Addressing journalists in Accra, Government Statistician Professor Samuel Kobina Annim highlighted the importance of focusing on transportation costs. He pointed out that transportation recorded a month-on-month inflation rate of 10.5%, compared to the overall month-on-month inflation rate of 3.2%.
“In this case, what I want the media and policymakers to engage with is not food inflation but transport, where we are seeing month-on-month transport inflation of 10.5% when overall month-on-month inflation is 3.2%. We all appreciate how transport affects the other items in the basket for competition,” Professor Annim stated.
