Inflation decreases to 23.1% from 25.0% for May 2024

The rate of inflation for May 2024 has decreased to 23.1 percent from 25.0 percent, a 1.9 percentage point decrease from April 2024.

The decrease was largely driven by the prices of food and fuel.

Inflation for food and non-alcoholic beverages decreased from 26.8 percent in April to 22.6% in May, while non-food increased marginally from 23.5 percent to 23.6 percent.

At the regional level, the year-on-year inflation rate ranged from 10.3 percent in the Oti Region to 35.6 percent in the Upper East Region. Five regions recorded an inflation rate above the national average of 23.1 percent.

Inflation for alcoholic beverages, tobacco, and narcotics dropped from 39.3 percent in April to 34.2 percent in May, while inflation for clothing and footwear dipped from 23.8 percent to 20.5 percent.

There were similar decreases for housing, water, electricity, gas and other fuels, furnishing, and household equipment, among other sub-classes.

On the other hand, transport increased significantly from 20.3 percent to 10.3 percent between April and May 2024, purportedly driven by fuel price hikes.

Education services increased marginally, from 23.4 percent to 25.2 percent.

Inflation for locally produced items and imported items fell to 24.7 percent and 19.6 percent, respectively.