The Ghana Statistical Service (GSS) on Wednesday announced a drop in the country’s inflation rate to 22.4 percent in March, 0.7 percentage points lower than in the previous month.
“The slower rate of inflation in March was due to declining food inflation and a marginal decrease in non-food inflation,” said Samuel Annim, the government statistician at the GSS, during a regular monthly briefing.
Compared to February, food inflation declined by 1.6 percentage points to 26.5 percent in March, while non-food inflation fell slightly by 0.1 percentage points to 18.7 percent, Annim added.
Meanwhile, he said that inflation for locally produced and imported items stood at 24 percent and 18.7 percent, respectively.
Ghana has been implementing reforms since May 2023, backed by a 3-billion-U.S. dollar loan from the International Monetary Fund to combat severe macroeconomic challenges, including high inflation, which reached a record 54.1 percent in December 2022, as well as ballooning public debt, fiscal slippages, and a constantly depreciating currency. Enditem
Source: Xinhua
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