Accra, Feb 3 – Ghana’s consumer inflation slowed slightly to 23.5% year-on-year in January, down from 23.8% in December, according to the country’s statistics service.
Government statistician Samuel Kobina Annim attributed the marginal decline to a slowdown in non-food inflation. Speaking at a news conference, Annim noted that despite the decrease, the current inflation rate remains the second highest recorded in the past nine months. He also highlighted that food prices continued to rise, contributing to overall inflationary pressures.
Ghana is gradually emerging from its worst economic crisis in decades, exacerbated by challenges in key sectors such as cocoa and gold. Despite the recent decline in inflation, the rate remains significantly above the Bank of Ghana’s target range of 6%-10%, including a 2-percentage-point margin of error.
Last week, the central bank indicated that it would take longer than anticipated for inflation to return to its target range, signaling potential challenges ahead for policymakers striving to stabilize the economy.