July 13, 2024

Inflation For Month of May Drops to 23.1%

Inflation Down in May

Inflation for the month of May has declined to 23.1%, from 25.0% recorded in April 2024, representing a 1.9 percentage point decrease between April and May 2024.

In the latest data from the Ghana Statistical Service, food inflation contributed to the overall drop, recording a rate of 22.6% as compared to 26.8% in April.

The data further revealed that the non-food group recorded a year-on-year inflation rate of 23.6 percent in May from 23.5% in April 2024 whereas inflation for locally produced items and imported items fell to 24.7% and 19.6%, respectively.

Government Statistician, Professor Samuel Kobina Annim has therefore urged policymakers to focus on transportation, which recorded month-on-month inflation of 10.5%, rather than on food inflation as a primary driver of inflation.

“In this case what I want the media and policymakers to engage is not food inflation but in this case, transport where we are seeing month-on-month transport inflation of 10.5% when overall month-on-month is 3.2% and we all do appreciate how transport permits across the other items that we have in the basket for the competition.

“So the conversation that I really wish will be on the table going forward is how do we ensure that the consistent but slow increases in prices of food at other points would slow down and possibly see reduction going forward.”

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