Inflation for May 2024 has dropped significantly to 23.1%, down from 25.0% in April 2024, representing a 1.9 percentage point decrease between April and May 2024.
According to the Ghana Statistical Service, food inflation dropped to 22.6% from 26.8% last month, with vegetables, tubers, and plantains contributing 3.6 percentage points.
Ready-made food, fish, and other seafood followed as major contributors.
Non-food inflation rose slightly to 23.6% in May 2024, up from 23.5% in April 2024.
The monthly inflation rate on the other hand reached a 10-month high, with prices rising 3.2% in May, the most since July.
Addressing journalists in Accra, the Government Statistician, Professor Samuel Kobina Annim urged policymakers to focus on transport, which saw a month-on-month inflation of 10.5%, rather than solely on food inflation.
“What I want the media and policymakers to engage is not food inflation but in this case, transport where we are seeing month-on-month transport inflation of 10.5% when overall month-on-month is 3.2% and we all do appreciate how transport permits across the other items that we have in the basket for the competition.
“The conversation that I really wish will be on the table going forward is how do we ensure that the consistent but slow increases in prices of food at other points would slow down and possibly see reduction going forward.”
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