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Inflation for May drops to 23.1% from 25.0%

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Inflation for May 2024 dropped significantly to 23.1%, down from 25.0% in April 2024, marking a 1.9 percentage point decrease.

The Ghana Statistical Service attributed the overall decline to a reduction in food inflation, which fell to 22.6% from 26.8% the previous month.

However, non-food inflation saw a slight increase, rising to 23.6% in May 2024 from 23.5% in April 2024.

Inflation for locally produced items and imported items also decreased, registering 24.7% and 19.6%, respectively.

Addressing journalists in Accra, Government Statistician, Professor Samuel Kobina Annim, urged policymakers to focus on transportation, which experienced a month-on-month inflation of 10.5%, rather than primarily targeting food inflation as the main driver of inflation.

“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.”

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