BUSINESS : Inflation rate for May falls to 8.90 per cent

The annual rate of inflation fell to 8.90 percent in May from 9.02 per cent in April on the back of lower food prices, the Ghana Statistical Service (GSS) said.   

Announcing the figures at a press conference in Accra, Government
Statistician, Dr Grace Bediako, said the marginal decline in inflation was because of the downward trend in the food and non-alcoholic beverages group.  

“The non-food inflation is almost three times higher than the inflation in the food group,” she said.   

Food inflation during the period was 3.93 per cent while non-food average inflation rate is 12.15 percent.   

Inflation rates in the regions ranged from a low of 4.15 percent in the Northern Region to 12.23 percent in Greater Accra Region.   

The Upper East, Western, Central and Greater Accra regions recorded inflation rates above the national rate of 8.90 percent.   

Dr Bediako said there was the likelihood that inflation would remain in the single digits for the next few months unless there was a dramatic change in the current trends.   

“We expect inflation to be in single digits for a couple of more months unless things change dramatically,” she said.

DS/GNA