Government Statistician Professor Samuel Kobina Annim has announced that Ghana’s inflation rate for April 2024 showed a slight decrease to 25.0%, down from the previous month’s 25.8% — a drop of 0.8 percentage points.
The decline in inflation was mainly influenced by a slowdown in food prices, with food inflation decreasing from 29.6% in March to 26.8% in April. In contrast, non-food inflation increased to 23.5% from 22.6% in the previous month.
Professor Annim, speaking on Wednesday, May 8, 2024, highlighted that the consumer price index (CPI) for April 2024 was 213.3, compared to 170.5 recorded for the same period in April 2023.
This data indicates the change in the average price level of goods and services consumed by households over time.
As a result, Ghana’s year-on-year inflation rate for April 2024 was reported at 25.0%. This decrease in inflation for April comes after a notable rise in March 2024 when inflation climbed by 2.6 percentage points to reach 25.8%.
The CPI measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2021, the base year, which has an index of 100.
“In the month of 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 the month of April 2024 stood at 25.0%.
“The year-on-year rate of inflation for the month of April 2024 stood at 25. 0%. This literally means that goods and services, thus, prices of goods and services between April 2023 and April 2024 went up by 25.0%.
Professor Samuel Kobina Annim
Inflation Trends and Regional Variations
According to Professor Samuel Kobina Annim, the inflation rate for April 2024 showed a notable slowdown of 0.8 percentage points compared to the rate recorded in March 2024.
In March 2024, there was a significant increase of 2.6 percentage points, with inflation rising from 23.2% to 25.8% during that month.
At the regional level, the year-on-year inflation rate ranged from 11.3% in the Oti Region to 42.5% in the Upper East Region. Seven regions recorded an inflation rate above the national average of 25.0%.
Inflation rates varied across different food categories in April 2024, with notable increases seen in certain items. Fruit and nuts experienced inflation at 8.6%, while vegetables, tubers, and plantains saw an increase of 6.0%.
Furthermore, cocoa drinks showed a modest rise of 3.3%, followed by food and non-alcoholic beverages at 2.1%. Soft drinks, fish, and other seafood also saw inflation, albeit at lower rates, with increases of 1.7% and 1.5%, respectively.
Among specific sectors, the April CPI report highlights significant inflationary pressures in essential services. Housing, water, electricity, gas, and other fuels experienced an inflation rate of 28.1%, indicating rising costs of utilities and accommodation.
Health services witnessed a staggering inflation rate of 31.2%. Education services and transport also experienced inflation rates of 23.4% and 10.3%, respectively, contributing to overall cost-of-living burdens.
As such, despite the slight easing of inflation to 25.0% in April 2024, Ghanaians may not feel immediate relief in their pockets. This rate still indicates a substantial increase in prices, albeit at a slower pace than in March, impacting the affordability of goods and services for households.
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