April inflation falls marginallyto 25%

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Government Statistician Samuel Kobina Annim has disclosed that Ghana’s inflation rate for April witnessed a slight decrease to 25.0 per cent.

This marks a marginal decline from the previous month’s rate of 25.8 per cent, representing a decrease of 0.8 percentage points.

Professor Annim attributed this decline to a slowdown in food inflation, which decreased from 29.6 per cent in March to 26.8 per cent in April.

Conversely, non-food inflation rose to 23.5 per cent from the previous month’s 22.6 per cent.

Speaking on Wednesday, May 8, 2024, Professor Annim explained that in April 2024, the consumer price index stood at 213.3 relative to 170.5 recorded for the same period in April 2023, resulting in a year-on-year inflation rate of 25.0 per cent.

This slight decrease in inflation in April follows a significant increase in March, where inflation rose by 2.6 percentage points to 25.8 per cent.

“In April 2024, the consumer price index stood at 213. 3 relative 170. 5 that was recorded for the same time period in April 2023. Given these two indices, year-on-year inflation to April 2024 stood at 25.0 per cent,” Prof Annim said.

“The year-on-year rate of inflation for the month of April 2024 stood at 25. 0 per cent. This means that goods and services, thus, prices of goods and services between April 2023 and April 2024 went up by 25. 0 per cent.”

“This rate that we recorded for April 2023 at 0. 8 percentage point slowdown relative to the rate that was recorded in March 2024. In March 2024, we recorded an increase of 2.6 percentage points from the April 2024 rate of 23. 2 per cent to 25. 8 per cent for March 2024.”

Source: classfmonline.com

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