Inflation in Ghana drops to 23.1% in May

The Ghana Statistical Service (GSS) has announced that inflation of 23.1% was recorded in May.

This signifies a 1.9 percentage point relative to the year on year inflation that was recorded in the month of April which stood at 25.0%.

Addressing a press conference on Wednesday, June 12, Government Statistician Prof. Samuel Kobina Annim stated that this is the lowest inflation recorded in Ghana in the last 26 months.

“Year on year inflation for the month of May 2024 was 23.1%. This literary means that between May 2023 and May 2024, prices of goods and services went up by 23.1%. This indicates a slow down of 1.9 percentage point relative to the year-on-year inflation that was recorded in the month of April 2024.

“On a year-on-year basis, the 23.1% that has been recorded for the month of May 2024 is the lowest rate of inflation for the last 26 months,” Prof. Samuel Kobina Annim said.

In his address, the Government Statistician noted that it is important to look at how prices of food will be reduced.

“So the conversation that I really wish will be on the table going forward is how do we ensure that the consistent but slow increases in prices of food at other points would slow down and possibly see reduction going forward,” Prof. Samuel Kobina Annim.