Ghana’s inflation rate reached a four-month peak in March due to a drop in the currency’s value. This led to higher prices for imports such as fuel and food.
In March, the inflation rate surged to 25.8 percent, up by 2.6 percentage points from February 2024, when it was at 23.2 percent.
The upward trend also impacted food inflation, which rose from 27.0 percent in February to 29.6 percent in March. Non-food inflation for March was reported at 22.6 percent.
Government Statistician Professor Samuel Kobina Annim shared this information on Wednesday, April 10, emphasizing the notable increase in inflation rates for both food and non-food items from February to March 2024.
“In March 2024, the inflation rate stood at 25.8%, marking a year-on-year increase from 23.2% in February 2024. This signifies a surge in inflation by 2.6%, rising from 23.2% to 25.8% for March 2024.”
“Breaking it down into food and non-food categories, food inflation was at 29.6% compared to non-food inflation at 22.6%. Both food and non-food inflation experienced a 2.6% increase in their inflation rates between February and March 2024,” he explained.
Although there was a minor decline in inflation from January to February, dropping from 23.5 percent to 23.2 percent, the trend shifted in March, leading to an annual inflation rate of 25.8 percent.
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