Source: newsthemegh.com
In April 2023, year-over-year inflation dropped for the fourth consecutive month, to 41.2% from 45% in March 2023, extending the disinflation process that had begun in January 2023.
The Ghana Statistical Service reports that both food and non-food inflation decreased last month.
The Bank of Ghana may be forced to maintain its policy rate at 29.5% when the Monetary Policy Committee convenes its 112th Meeting on May 17, 2023 as a result of this drop in inflation. The cost of credit is still high, though, as average lending rates are approximately 35%.
The data show that food inflation dropped from 50.8% in March 2023 to 48.7% in April 2023, while non-food inflation fell from 35.4% in March 2023 to 35.4% in April 2023.
Additionally, the inflation rate for goods made in-country was 38.2% while it was 43.1% for goods imported.
In April 2023, the monthly inflation rate was 2.4%. However, inflation in the food and alcoholic beverage sectors was the greatest at 4.3%, while inflation in other sectors was only 0.7%.