May 2024 inflation drops to 23.1%, driven by lower food prices

Ghanaian

Inflation in Ghana fell significantly to 23.1% in May 2024, down from 25.0% in April, marking a 1.9 percentage point decrease, according to the Ghana Statistical Service.

This decline was primarily driven by a reduction in food inflation, which dropped to 22.6% from 26.8% in the previous month. Conversely, non-food inflation saw a slight increase to 23.6%, up from 23.5%.


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Inflation for locally produced items decreased to 24.7%, while imported items saw a decline to 19.6%.

Addressing journalists in Accra, Government Statistician Professor Samuel Kobina Annim emphasized the need for policymakers to address transportation costs, which saw a month-on-month inflation of 10.5%. He noted that transportation impacts many other items in the inflation basket.

“In this case what I want the media and policymakers to engage is not food inflation but in this case, transport where we are seeing month-on-month transport inflation of 10.5% when overall month-on-month is 3.2% and we all do appreciate how transport permits across the other items that we have in the basket for the competition.

“So the conversation that I really wish will be on the table going forward is how do we ensure that the consistent but slow increases in prices of food at other points would slow down and possibly see reduction going forward,” Professor Annim stated.