Ghana’s inflation witnesses marginal decline in April

Story: Business Desk

Government Statistician Professor Samuel Kobina Annim has revealed that Ghana’s inflation rate for April experienced a marginal decline to 25.0 percent.

The inflation rate dropped from the previous month’s 25.8 percent, representing a decrease of 0.8 percentage points.

A key contributing factor to this decline was the slowdown in food inflation, which decreased from 29.6 percent in March to 26.8 percent in April.

Conversely, non-food inflation rose to 23.5 percent from the previous month’s 22.6 percent.

Professor Annim, speaking on Wednesday, May 8, 2024, explained that in April 2024, the consumer price index stood at 213.3 relative to 170.5 recorded for the same period in April 2023.

As a result, the year-on-year inflation rate for April 2024 was recorded at 25.0 percent.

This slight decrease in inflation in April follows a significant increase in March, where inflation rose by 2.6 percentage points to 25.8 percent.

“In the month of April 2024, the consumer price index stood at 213. 3 relative 170. 5 that was recorded for the same time period in April 2023. Given these two indices, year-on-year inflation to the month of April 2024 stood at 25.0 per cent.

“The year-on-year rate of inflation for the month of April 2024 stood at 25. 0 per cent. This literally means that goods and services, thus, prices of goods and services between April 2023 and April 2024 went up by 25. 0 per cent.

“This rate that we recorded for the month of April 2023 at 0. 8 percentage point slowdown relative to the rate that was recorded in March 2024. In March 2024, we recorded an increase of 2.6 percentage points from the April 2024 rate of 23. 2 per cent to 25. 8 per cent for the month of March 2024.”

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