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Ghana’s Year-on-Year Inflation Rate Rises to 25.8% in March 2024

Apexnewsgh

The Ghana Statistical Service (GSS) has reported a significant increase in the year-on-year inflation rate for March 2024, climbing to 25.8% from 23.2% in February of the same year. Apexnewsgh reports

This recent announcement reveals a 2.6 percentage point rise from the inflation rate recorded in February.

Furthermore, this upward trend has impacted food inflation as well, with rates rising from 27.0% in February to 29.6% in March. Non-food inflation for March was also noted at 22.6%.

Speaking at a media briefing in Accra on Wednesday (April 10), Government Statistician Prof Samuel Kobina Annim highlighted these concerning figures. He stated, “In the month of March 2024, the rate of inflation stood at 25.8%, showing an increase from the 23.2% recorded in February 2024.”

He further elaborated, “This indicates a surge in the rate of inflation by 2.6%, rising from 23.2% to 25.8% for the month of March 2024.”

Professor Annim also addressed the breakdown between food and non-food inflation, revealing that food inflation hit 29.6% while non-food inflation reached 22.6%. Both categories experienced a 2.6% inflation rate increase between February and March 2024.

The recent statistics released by the GSS underscore the challenges faced in managing inflation in Ghana and highlight the need for thorough economic strategies to stabilize and improve the country’s financial landscape.

Source: Apexnewsgh.com/Ghana

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Ngamegbulam C. S

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