Inflation dropped significantly in May 2024, reaching 23.1%, down from 25.0% in April 2024, marking a 1.9 percentage point decrease.
The Ghana Statistical Service attributes this decrease mainly to a reduction in food inflation, which fell to 22.6% from 26.8% the previous month. Conversely, non-food inflation rose slightly to 23.6% in May 2024, up from 23.5% in April.
Inflation for both locally produced and imported items also decreased, with locally produced items at 24.7% and imported items at 19.6%
Speaking to journalists in Accra, Government Statistician Professor Samuel Kobina Annim advised policymakers to prioritize transportation issues, which saw a month-on-month inflation increase of 10.5%.
He emphasized the importance of addressing transport inflation, given its broader impact on other goods and services, noting that overall month-on-month inflation was 3.2%. Professor Annim urged for discussions on slowing the gradual rise in food prices to achieve further reductions.