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BusinessMay 2024 records 25% to 23.1% drop in inflation


May 2024 records 25% to 23.1% drop in inflation

The inflation rate in Ghana slightly declined from 25% in April 2024 to 23.1% in May 2024.

Professor Samuel Kobina Annim, Government Statistician of the Ghana Statistical Service, disclosed this information during a press conference in Accra on Wednesday, June 12, 2024.

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May 2024 witnessed a 3.2% reduction in month-on-month inflation.

As per data released by the Ghana Statistical Service (GSS), food inflation was the primary factor contributing to the overall decrease in the inflation rate.

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Food inflation for May stood at 22.6%, compared to April’s 26.8%, indicating a slowdown from the 2.7% increase recorded in April 2024.

Non-food inflation experienced a 3.6% month-on-month increase.

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The Consumer Price Index monitors changes in the price level of a fixed basket of goods and services purchased by households.

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