Josiah
Inflation for May 2024 has dropped significantly to 23.1%, down from 25.0% in April 2024, marking a 1.9 percentage point decrease.
According to the Ghana Statistical Service, food inflation contributed to the overall decline, recording a rate of 22.6% compared to 26.8% the previous month.
However, non-food inflation saw a slight increase, rising to 23.6% in May 2024 from 23.5% in April 2024.
Inflation for locally produced items and imported items fell to 24.7% and 19.6%, respectively. Speaking to journalists in Accra, Government Statistician Professor Samuel Kobina Annim urged policymakers to focus on transportation, which recorded a month-on-month inflation of 10.5%, rather than food inflation as a primary driver of inflation.
“In this case, what I want the media and policymakers to engage is not food inflation but, instead, transport, where we are seeing month-on-month transport inflation of 10.5% while the overall month-on-month rate is 3.2%. We all appreciate how transport impacts the other items in the basket for competition.
“So, the conversation I really wish to see on the table going forward is how we can ensure that the consistent but slow increases in food prices at other points would slow down and possibly see a reduction moving forward,” he said.
Source:Omanghana.com
