Inflation dropped from 25% to 23.1% in May 2024

Business Finance

Ghana’s inflation rate decreased marginally from the 25% recorded in April 2024 to 23.1% in May 2024.

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

The month-on-month inflation for May 2024 experienced a 3.2% reduction.

According to the figures released by the Ghana Statistical Service (GSS), food inflation was the major contributor to the overall decrease in the inflation rate.

Food inflation for the month of May was 22.6%, compared to the 26.8% recorded in the previous month, April. This represents a deceleration from the 2.7% increase recorded in April 2024.

Non-food inflation was 3.6% month-on-month.

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

Source: Ghana Web