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Economy: April Records Marginal Drop in Inflation

April recorded a marginal drop in inflation despite the increase in transport fares.

According to a latest report by the Ghana Statistical Service (GSS), Ghana’s inflation rate dipped slightly in April 2024. The inflation rate is estimated to be around 25%, marking a marginal decrease of 0.8% compared to March 2024 (25.8%).

However, the month-on-month inflation figure is 1.8%. This means that prices of items are projecting an upward trend when one compares March 2024 to April 2024.

This breakdown of the April 2024 inflation rate highlights some encouraging trends. Notably, food inflation appears to be on a downward trajectory. The estimated food inflation rate of 26.8% represents the lowest level in 13 months, compared to 29.6% in March. This suggests some relief for Ghanaians on essential food items.

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While non-food inflation remains at an estimated 23.5%, the report further indicates a breakdown between locally produced and imported goods. Locally produced items reportedly faced an inflation rate of 25.7%, while imported items saw a slightly lower rate of 23.5%.

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April recorded a marginal drop in inflation despite the increase in transport fares. This may be because the increment in fares took place later in April. It is thus, projected rather to affect the May inflation.

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