Ghana’s inflation drop has been steady for 5 months

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Vendors sell products at a market in Accra, Ghana, on July 14, 2022. Data released by the Ghana Statistical Service (GSS) Wednesday indicated that Ghana's inflation rate rose to 29.8 percent in June, compared with 27.6 percent a month earlier. (Photo by Seth/Xinhua)
Vendors sell products at a market in Accra, Ghana, on July 14, 2022. Data released by the Ghana Statistical Service (GSS) Wednesday indicated that Ghana's inflation rate rose to 29.8 percent in June, compared with 27.6 percent a month earlier. (Photo by Seth/Xinhua)

The Ghana Statistical Service announced on Wednesday that the country’s inflation rate dropped to 23.2 percent in December last year, the fifth consecutive decrease since August 2023.

Samuel Kobina Annin, the government statistician, said at a monthly briefing that the slower inflation in December was due to the declining food and non-food inflation rates.

Compared to November, food inflation declined by 3.5 percentage points to 28.7 percent in December, while non-food inflation declined by 3.0 percentage points to 18.7 percent, he noted.

Ghana secured a 3-billion-U.S.-dollar loan from the International Monetary Fund last May to address its prolonged economic crisis, characterized by high inflation and unemployment.

In a televised speech on Saturday, Ghanaian President Nana Addo Dankwa Akufo-Addo said the country is experiencing a rebound in the national economy, and pledged to work strongly on the problems facing the nation.

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