The year-on-year inflation rate for May 2023 has increased to 42.2%, up from the 41.2% recorded in April 2023.
According to the Ghana Statistical Service, food Inflation experienced a significant jump from 48.7% in April 2023 to 51.8% in May 2023.
On the other hand, non-food inflation decreased to 34.6% in May 2023, compared to the 35.4% recorded in April 2023.
The Government Statistician, Prof. Samuel Kobina Annim, made this announcement in Kumasi, located in the Ashanti Region.
Prof. Annim explained that the contribution of food inflation to the overall national inflation rate was the highest it had been in 17 months.
Headline inflation declined significantly by more than 12.0 percent in the first four months of the year, illustrating the easing of inflationary pressures, according to the Bank of Ghana.
The consecutive increases in the policy rate, supported by additional liquidity management operations to address excess liquidity conditions in the market, relative stability in the local currency, and stable ex-pump petroleum prices have supported the disinflation process.
Given these considerations, the MPC maintained the policy rate at 29.5 percent.