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In April 2023, the year-on-year inflation rate decreased for the fourth consecutive month, dropping 41.2% from 45% in March 2023. This extended the ongoing disinflation process that began in January 2023.
According to the Ghana Statistical Service, both food inflation and non-food inflation experienced a decline last month. The decrease in inflation may lead the Bank of Ghana to maintain its policy rate at 29.5% during the upcoming 112th Meeting of the Monetary Policy Committee, starting on May 17, 2023. However, the cost of credit remains high, with average lending rates hovering around 35%.
The data shows that food inflation decreased to 48.7% in April 2023, compared to 50.8% in March 2023, while non-food inflation declined to 35.4% in April 2023, down from 40.6% in March 2023.
Inflation for locally produced items stood at 38.2%, while inflation for imported items was 43.1%.
Five groups exhibited inflation rates higher than the national average. These groups include Housing, Water, Electricity, Gas, and Other Fuels (59.0%); Furnishing, Household Equipment, and Routine Household Maintenance (56.3%); Food and Non-Alcoholic Beverages (48.7%); Personal Care, Social Protections, and Miscellaneous Goods and Services (48.5%); and Transport (42.5%).
Among food items, eight recorded inflation rates higher than the overall food inflation. These items were Tea and Related Products (82.3%); Cereals and Cereal Products (62.9%); Milk and Diary Products (61.8%); Fish and Other Sea Foods (58.3%); Sugar, Confectionary, and Desserts (56.7%); Fruit and Vegetable Juices (55.2%); Oil and Fats (53.2%); and Water (49.6%).
Regarding the month-on-month inflation, it reached 2.4% in April 2023. Food and Alcoholic Beverages had the highest inflation rate of 4.3%, while non-food inflation was 0.7%. The Volta Region recorded an inflation rate of 28%.
Conversely, the Western North region registered the highest inflation rate of 64.0%. Populous areas of Ghana, Ashanti, and Greater Accra experienced inflation rates of 31.3% and 39.1%, respectively.
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Source: Omanghana.com
