Inflation inch up by 2.6% to 25.8% in March
Inflation for March 2024 surged to 25.8%, up from 23.2% in the preceding month, according to data released by the Ghana Statistical Service.
This acceleration, equivalent to a 2.6 percentage point increase, underscores mounting pressures on the cost of living.
According to figures from the Ghana Statistical Service, the non-food inflation went up by 22.6 percent while food inflation increased to 29.6%.
On a month-on-month basis, the headline, food, and non-food inflation came in lower at 0.8%, 1% and 0.7% respectively.
Locally produced items and imported items went up by 26.6% and 23.8% respectively.
Food and non-alcoholic beverages as well as transport were identified as the main drivers for the increase in the overall inflation for March 2024.
Specifically, 12 out of the 13 divisions recorded higher rates of inflation year-on-year, dominated by transport (+4.4% year-on-year), education services (+4%), health (+3.9%), sport and recreation (+3.9%), among others.
This inflationary surge comes at a time when Ghana, like many emerging economies, is navigating a complex economic landscape marked by global supply chain disruptions, volatile commodity markets, and fluctuating exchange rates.
The challenge for policymakers will be to strike a balance between controlling inflation and supporting economic growth, all while safeguarding the welfare of the population.
