Inflation in May 2024 fell dramatically to 23.1%, down from 25.0% in April 2024, marking a 1.9 percentage point drop between April and May 2024.
According to the Ghana Statistical Service, food inflation contributed to the overall decline in inflation, which fell to 22.6% from 26.8% the previous month.
However, non-food inflation rose slightly to 23.6% in May 2024, up from 23.5% in April.
Inflation in domestically manufactured and imported commodities declined to 24.7% and 19.6%, respectively.
“In this case what I want the media and policymakers to engage is not food inflation but in this case, transport where we are seeing month-on-month transport inflation of 10.5% when overall month-on-month is 3.2% and we all do appreciate how transport permits across the other items that we have in the basket for the competition.
“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.”
