Ghana's consumer inflation has slowed down for the first time in 5 months to 23.5% year-on-year in January 2025, according to data from the Ghana Statistical Service.
This represents a slight decrease from the 23.8% recorded in December, marking the fourth consecutive month of rising inflation.
Government statistician Samuel Kobina Annim addressing the press said that the latest decline was driven by a slowdown in non-food inflation.
"Although rate of inflation has slowed down by 0.3 percentage points, the figure of 23.5% is the second highest in the last nine months," Annim said, adding that food prices continued to rise.
Ghana is emerging from its worst economic crisis in a generation, with turmoil in the vital cocoa and gold industries.
However, its inflation remains well above Bank of Ghana's 8% target with a margin of error of 2 percentage points either side.
The central bank said last week that it would take longer for inflation to return within the 6%-10% range.
This represents a slight decrease from the 23.8% recorded in December, marking the fourth consecutive month of rising inflation.
Ghana’s Inflation Slows as New Central Bank Head Named
Annual consumer prices rose 23.5% in January vs 23.8% December
Food inflation accelerated to 28.3% from 27.8% in prior month
Ghana’s annual inflation rate fell for the first time in five months, as a new governor prepared to take the helm of the central bank.
Consumer prices rose 23.5% in January from 23.8% the month before, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Monday.