Ghana consumer inflation sinks to five-year low
Ghana's consumer inflation decreased to 3.8% in January, marking a continuation of the 13-month disinflation trend and reaching the lowest point since the consumer price index was rebased in 2021, according to official data.
Ghana's consumer inflation decreased to 3.8% in January, marking a continuation of the 13-month disinflation trend and reaching the lowest point since the consumer price index was rebased in 2021, according to official data.
The Ghana Statistical Service reported a month-on-month price increase of 0.2%, indicating a general easing in both food and non-food categories. Food inflation decreased to 3.9% year-on-year, while non-food prices dropped by 0.4% compared to the previous month.
The decline in inflation has been supported by a stronger currency, reduced import costs, and enhanced food supply. Over the past year, Ghana has implemented tighter monetary policies and fiscal reforms as part of its International Monetary Fund Programme.
Ghana's consumer inflation decreased to 3.8% in January, marking a continuation of the 13-month disinflation trend and reaching the lowest point since the consumer price index was rebased in 2021, according to official data.
Ghana, a significant producer of gold and cocoa, is recovering from a severe economic crisis characterized by rising prices, debt restructuring, and an IMF-supported recovery initiative. The reduction in inflation is anticipated to alleviate pressure on households and businesses, though policymakers remain cautious.
Based on reporting by Africanews.
