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Prices of Goods and Services Increase by 23.1% in May 2024 Compared to Previous Year

Year-on-year inflation drops to 23.1% but the month-on-month comparison records an increase in May.

In May 2024, the average prices of goods and services in Ghana increased by 23.1% Prices of Goods and Services Increase by 23.1% in May 2024 Compared to Previous Yearcompared to May 2023, according to the Ghana Statistical Service, which sets the national inflation rate for May at 23.1%. This marks a decrease from the previous month, where the year-on-year inflation rate for April was 25%.

Despite this year-on-year reduction, prices in May 2024 were 3.2% higher compared to April 2024, indicating a month-on-month inflation increase. Food inflation dropped to 22.6% in May from 26.8% in April, whereas non-food inflation slightly increased to 23.6% from 23.5%. This suggests that while food inflation is decreasing, non-food inflation is rising, albeit marginally.

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Inflation for locally produced items was higher at 24.7% compared to imported items, which had a significantly lower inflation rate of 19.6%. This data indicates that the inflationary pressures are more internally driven than influenced by external factors.

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In terms of regional distribution, the Upper East recorded the highest inflation rate at 35.6%, while the Oti region had the lowest at 10.3%. The top three regions with the highest food inflation were Eastern at 32.1%, Upper West at 31.4%, and Volta at 25.9%. Conversely, the regions with the lowest food inflation were Oti at 11.2%, Western North at 13.8%, and Upper East at 17%. The Upper East topped all regions with the highest overall inflation rate due to a very high non-food inflation rate of 45%.

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