Inflation Drops To 41.2% | Economy

The nation’s year-on-year inflation has as soon as once more dropped to 41.2 per cent in April from the 45 per cent recorded in March 2023.

Information from the Ghana Statistical Service (GSS) indicated that is the fourth time inflation has dropped extending the disinflation course of since January 2023.

The GSS in its newest figures revealed that each meals inflation and non-food inflation dipped final month.

In accordance with the figures, meals inflation went all the way down to 48.7 per cent in April 2023, from 50.8 per cent in March 2023, while non-food-inflation declined to 35.4 per cent in April 2023, from 40.6 per cent in March 2023.

Additionally, inflation for regionally produced objects stood at 38.2 per cent, whereas inflation for imported objects was 43.1 per cent.

5 teams together with Housing, Water, Electrical energy, Fuel and Different Fuels (59.0%); Furnishing, Family Gear and Routine Family Upkeep (56.3%); Meals and Non-Alcoholic Drinks ((48.7%); Private Care, Social Protections and Miscellaneous Items and Companies (48.5%) and Transport (42.5%) recorded inflation larger than the nationwide common,

Additionally, eight meals objects recorded inflation larger than total meals inflation.

For meals inflation, Tea and Associated Merchandise (82.3%); Cereals and Cereal Merchandise (62.9%); Milk and Diary Merchandise (61.8%); Fish and Different Sea Meals (58.3%); Sugar, Confectionary and Desserts (56.7%); Fruit and Vegetable Juices (55.2%); Oil and Fat (53.2%) and Water (49.6%) recorded year-on-year inflation larger than the general meals inflation.

The month-on-month inflation stood at 2.4 per cent in April 2023. Meals and Alcoholic Beverage nevertheless recorded the very best inflation of 4.3 per cent, while non-food inflation was 0.7 per cent.

The Volta area continued to report the bottom inflation among the many areas. It recorded 28.0 per cent year-on-year inflation in April 2023.

Alternatively, the Western North area registered the very best inflation of 64.0 per cent

Ghana’s populous areas – Ashanti and Higher Accra recorded inflation of 31.3 per cent and 39.1 per cent respectively.

This droop in inflation may compel the Financial institution of Ghana to maintain its coverage fee unchanged at 29.5 per cent when the Financial Coverage Committee begins its 112th Assembly on Might 17, 2023. Nonetheless, the price of credit score nonetheless stays costly as common lending charges hover round 35 per cent.