In April 2023, year-on-year inflation in Ghana decreased for the fourth consecutive month, reaching 41.2% compared to 45% in March 2023. This extended the ongoing process of disinflation that began in January 2023.
Both food inflation and non-food inflation experienced a decline last month, according to the Ghana Statistical Service.
The decrease in inflation could lead the Bank of Ghana to maintain its policy rate at 29.5% during the upcoming meeting of the Monetary Policy Committee, scheduled to start on May 17, 2023. However, the cost of credit remains high, with average lending rates around 35%.
Food inflation dropped to 48.7% in April 2023, down from 50.8% in March 2023. Non-food inflation also decreased to 35.4% in April 2023, compared to 35.4% in March 2023.
Inflation for locally produced items stood at 38.2%, while inflation for imported items was at 43.1%.
On a month-on-month basis, inflation stood at 2.4% in April 2023. Food and alcoholic beverages had the highest inflation rate of 4.3%, while non-food inflation was at 0.7%.
Among the regions, the Volta region continued to have the lowest inflation rate.