Inflation in Ghana has continued its downward trend for the fourth consecutive month, reaching 41.2% in April 2023 from 45% in March 2023.
This marks a continuation of the disinflation process that began in January 2023. The latest data released by the Ghana Statistical Service indicates that both food and non-food inflation have declined.
The lower inflation rates may prompt the Bank of Ghana to keep its policy rate at 29.5% during its upcoming meeting on May 17, 2023. However, borrowing costs are still high, with average lending rates hovering around 35%.
The figures reveal that food inflation dropped from 50.8% in March 2023 to 48.7% in April 2023, while non-food inflation decreased from 35.4% in March 2023 to 35.4% in April 2023. Inflation for locally produced goods was 38.2%, while imported items recorded 43.1% inflation.
Month-on-month inflation was recorded at 2.4% in April 2023. Food and alcoholic beverages saw the highest inflation rate of 4.3%, while non-food inflation was 0.7%.
