Ghana’s Inflation Rate Drops to 23.1 Percent in May

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The Ghana Statistical Service (GSS) announced on Wednesday that the country’s inflation rate dropped to 23.1% in May, down from 25% recorded a month earlier.

According to Samuel Annim, the government statistician at the GSS, the decrease in inflation was primarily due to the base-drift effect. Food inflation declined by 4.2 percentage points to 22.6% in May compared to April, while non-food inflation increased slightly by 0.1 percentage points to 23.6% in the same period.

Inflation rates for locally produced and imported items stood at 24.7% and 19.6%, respectively, Annim added.

Ghana has been facing high inflation rates since 2021, driven by economic challenges such as high public debt and rapid depreciation of the local currency, leading to price increases for many consumer goods.

To combat high inflation, Ghana’s central bank maintained its benchmark policy rate at 29% on May 27, indicating a cautious monetary policy approach.

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