Government Statistician Professor Samuel Kobina Annim has revealed that Ghana’s inflation rate for April experienced a marginal decline to 25.0 percent.
The inflation rate dropped from the previous month’s 25.8 percent, representing a decrease of 0.8 percentage points.
A key contributing factor to this decline was the slowdown in food inflation, which decreased from 29.6 percent in March to 26.8 percent in April.
Conversely, non-food inflation rose to 23.5 percent from the previous month’s 22.6 percent.
Professor Annim, speaking on Wednesday, May 8, 2024, explained that in April 2024, the consumer price index stood at 213.3 relative to 170.5 recorded for the same period in April 2023.
As a result, the year-on-year inflation rate for April 2024 was recorded at 25.0 percent.
This slight decrease in inflation in April follows a significant increase in March, where inflation rose by 2.6 percentage points to 25.8 percent.
“In the month of April 2024, the consumer price index stood at 213. 3 relative to 170. 5 that was recorded for the same time period in April 2023. Given these two indices, year-on-year inflation for the month of April 2024 stood at 25.0 percent.
“The year-on-year rate of inflation for the month of April 2024 stood at 25.0 percent. This literally means that goods and services went up by 25.0% between April 2023 and April 2024.
“This rate that we recorded for the month of April 2023 is a 0.8 percentage point slowdown relative to the rate that was recorded in March 2024. In March 2024, we recorded an increase of 2.6 percentage points from the April 2024 rate of 23. 2 percent to 25. 8 percent for the month of March 2024.”
Source: CitiNewsRoom
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