Inflation falls for the 4th month running, records 41.2% in April 2023
Inflation has dropped to 41.2% for the month of April 2023 from the previous 45% recorded in March this year.
This represents a 3.8 percentage point decrease from the previous month.
This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, May 10.
This accounts for year-on-year inflation fall for the 4th month running to 41.2% in April 2023, from 45% in March, 52.8% in February, and 53.6 in January 2023, extending the disinflation process since January 2023.
According to the Ghana Statistical Service, both food inflation and non-food inflation dipped last month.
This slump in inflation could compel the Bank of Ghana to keep its policy rate unchanged at 29.5% when the Monetary Policy Committee begins its 112th Meeting on May 17, 2023.
Government Statistician, Professor Samuel Kobina Annim said the Western North region recorded the highest food inflation at 78. 3% for the month of April while the Volta region continued to record the lowest inflation among the regions.
Inflation for locally produced items stood at 38.2%, whereas inflation for imported items stood at 43.1%.
For the month-on-month, inflation stood at 2.4% in April 2023. Food and Alcoholic Beverage recorded the highest inflation of 4.3%, whilst non-food inflation was 0.7%.
According to the figures, food inflation went down to 48.7% in April 2023, from 50.8% in March 2023, whilst non-food inflation stayed at 35.4% between March and April 2023,
Also, inflation for locally produced items stood at 38.2%, whereas inflation for imported items was 43.1%.
Five groups recorded inflation higher than the national average. They were Housing, Water, Electricity, Gas, and Other Fuels (59.0%); Furnishing, Household Equipment, and Routine Household Maintenance ( 56.3%); Food and Non-Alcoholic Beverages ((48.7%); Personal Care, Social Protections and Miscellaneous Goods and Services (48.5%) and Transport (42.5%).
Ghana’s populous regions – Ashanti and Greater Accra recorded inflation of 31.3% and 39.1% respectively.
The Volta region continued to record the lowest inflation among the regions. It recorded 28.0% year-on-year inflation in April 2023.
On the other hand, the Western North region registered the highest inflation of 64.0%