Business & Finance

Inflation Hits 25.8%

Ghana’s inflation has risen to 25.8%, taking on a new form and casting a shadow on the projected continuous disinflation this year.

The March 2024 Consumer Price Inflation (CPI) data released by the Ghana Statistical Service (GSS) is under the sponsorship of alcoholic beverages, tobacco and narcotics; personal care, social protection and miscellaneous goods and services; restaurant and accommodation services; and health.

Other factors influencing last month’s inflation include food and non-alcoholic beverages and recreation, sports and culture.

These factors, data from the GSS said, recorded inflation rates are higher than the national average.

Food inflation rose from 27.0% to 29.6% while non-food inflation rose from 20% to 22.6%. Locally produced goods witnessed an inflation rate of 26.6% with imported goods recording an inflation rate of 23.8%.

The Upper East recorded the highest regional inflation at 42.9% while the Oti Region had the lowest inflation rate at 14.3%.

The data from the GSS also showed that cabbage had the highest inflation rate among ten selected products, recording a 67.5% rate.

In February 2024, the country recorded an inflation of 23.2%.

The Bank of Ghana earlier this year forecasted a decline in inflation.


A press statement issued by the Monetary Policy Committee (MPC) on Monday, January 29, 2024 read, “The latest forecast suggests that the disinflation process will continue, and headline inflation is expected to ease to around 13-17 per cent by the end of 2024,” the statement said.


Source: /Hajara Fuseini

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