The Ghana Statistical Service (GSS) announced Wednesday that the country’s inflation rate had slowed to 23.2 percent in December, 3.2 percentage points lower than the 26.4 percent recorded a month earlier.
“For the fifth consecutive month, we see a slowdown in the rate of inflation after inflation started declining in August,” said Samuel Kobina Annin, the government statistician at the GSS, during the regular monthly briefing.
Annin said the slower inflation in December was due to the declining food and non-food inflation rates.
Compared to November, food inflation declined by 3.5 percentage points to 28.7 percent in December, while non-food inflation declined 3.0 percentage points to 18.7 percent in December, he said.
Meanwhile, inflation for locally produced and imported items stood at 23.8 percent and 21.9 percent, respectively, in December, the statistician added.
The Inflation rate, which stood at 43.1 percent last July, declined to 40.1 percent in August and consistently decreased till December.
Notwithstanding the consistent decline over the past five months, the inflation rate is far above the medium-term target band from 6.0 percent to 10 percent.\ Ghana, reputed for the export of gold, cocoa, and crude oil, last May started the implementation of economic reforms, backed by a loan of 3.0 billion U.S. dollars from the International Monetary Fund, hoping to turn around the economy from its recent predicaments.