Ghana's inflation reaches four-month high

Ghana's inflation rate has surged to a four-month high in March amid a decline in the currency, leading to increased prices of imports like fuel and food.

The inflation rate for March rose to 25.8 percent, marking a 2.6 percentage point increase from February 2024, where it stood at 23.2 percent.

This upward trend also affected food inflation, which climbed from 27.0 percent in February to 29.6 percent in March. Non-food inflation for March was reported at 22.6 percent.

Government Statistician Professor Samuel Kobina Annim disclosed this information on Wednesday, April 10, highlighting the significant rise in inflation rates for both food and non-food items between February and March 2024.

“In the month of March 2024, rate of inflation stood at 25.8%, year-on-year inflation relative to 23.2 % recorded for the month of February 2024. This indicates that we have a seen a surge in the rate of inflation by 2.6%, increasing from 23.2% to 25.8% for the month of March 2024.”

“Disaggregating this for the food and non-food perspective, the rate of inflation for food was 29.6% relative to non-food 22.6%. Both food and non-food inflation have seen a 2.6% increase in its rate of inflation between February and March 2024,” he stated.

While there was a slight decrease in inflation in February compared to January, with figures dropping from 23.5 percent to 23.2 percent, the trend reversed in March, pushing the annual inflation rate to 25.8 percent.