The inflation rate for the month of May 2024 revealed to have dropped to 23.1 percent, according to the announcement by the Ghana Statistical Service (GSS).
This decline of 1.95 percentage points from the previous month’s rate of 25 percent marks a notable improvement in the country’s economic landscape.
The report indicated that food inflation experienced a significant drop of 4.2 percent, settling at 22.6 percent in May.
Conversely, non-food inflation saw a slight increase, reaching 23.6 percent. Within the food inflation category, vegetables, tubers, and plantains stood out with the highest contribution, amounting to 3.6 percentage points of the total 22.6 percent.
These statistics suggest a positive trend in Ghana’s inflation rates, with a notable decrease in food inflation playing a key role in driving the overall decline.
By Vincent Kubi