Josiah
According to government statistician Professor Samuel Kobina Annim, Ghana’s inflation rate slightly decreased to 25.0% in April, marking a decline of 0.8 percentage points from the 25.8% recorded in the previous month.
This drop in inflation was primarily attributed to a slowdown in food inflation, which decreased from 29.6% in March to 26.8% in April. However, inflation outside of food increased to 23.5% from 22.6% in the previous month.
Professor Annim, speaking on Wednesday, May 8, 2024, noted that the consumer price index for April 2024 was 213.3 compared to 170.5 for the same period in April 2023. Consequently, the annual inflation rate for April 2024 was recorded at 25.0%.
He explained, “In the month of April 2024, the consumer price index stood at 213.3 relative to 170.5 recorded for the same time period in April 2023. Given these two indices, year-on-year inflation to the month of April 2024 stood at 25.0%.”
Professor Annim further elaborated, “The year-on-year rate of inflation for the month of April 2024 stood at 25.0%. This means that goods and services, thus, prices of goods and services between April 2023 and April 2024 went up by 25.0%.”
He also highlighted that the 0.8 percentage point slowdown in inflation compared to March 2024 was notable. In March 2024, there was an increase of 2.6 percentage points from the April 2024 rate of 23.2% to 25.8%.
