Inflation rate for May 2024 drops significantly to 23.1%

The year-on-year rate of inflation for May 2024 has dropped significantly to 23.1% from the 25% recorded in April this year.

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This means that in the month of May 2024 the general price level was 23.1% higher than May 2023

The month-on-month inflation between April and May 2024 was 3.2%.

According to the Ghana Statistical Service (GSS), food inflation for the month of May was 22.6% (26.8% for April) and non-food inflation the month was 23.6% (23.5% for April)

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