The Ghana Statistical Service (GSS) on Wednesday announced the 15th straight month of declining inflation in March, recording a one percentage point reduction to 3.2 percent compared with the 3.3 percent a month earlier.
Government Statistician Alhassan Iddrisu said the declining inflation followed the pattern of previous months, driven by lower food and non-food inflation over the period under review.
“Compared to February, food inflation declined by 0.1 percentage points to 2.3 percent in March, while non-food inflation also declined by 0.1 percentage points to 3.9 percent from the previous month’s level of 4 percent,” Iddrisu said.
Meanwhile, the inflation rate for locally produced and imported items stood at 4.9 percent and -0.6 percent, respectively, in March, compared with 4.5 percent and 0.6 percent a month earlier.
Last month, Ghana’s central bank slashed its benchmark lending rate by 150 basis points to 14 percent amid ongoing geopolitical tensions.
Despite global tensions, Bank of Ghana Governor Johnson Asiama said the Monetary Policy Committee expected headline inflation to remain broadly anchored in the medium term as the central bank continues to observe the trends for the necessary action.
“The favorable domestic macroeconomic conditions and the high prevailing real interest rates provide scope to ease the policy rate further,” Asiama said. Enditem