Ghana’s consumer inflation eased for the 15th straight month in March, slowing to 3.2% year-on-year from 3.3% in February, the country’s statistics service reported on Wednesday, as seen on Reuters.
The West African nation, a major producer of gold, oil, and cocoa, is gradually recovering from its most severe economic crisis in decades.
“This is the lowest inflation we have recorded since the rebasing of the CPI (Consumer Price Index) in 2021 and… it shows a steady and sustained movement towards stability,” government statistician Alhassan Iddrisu said at a press conference.
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Iddrisu explained that falling food prices were the main driver of the decline, although prices for non-food items still showed small increases.
Petrol prices, however, rose 3.1% month-on-month by early March, reflecting the impact of the Iran conflict on global energy costs, with further effects expected in the next inflation report.
He also warned that African countries that rely heavily on imported petroleum products have implemented sharp fuel price hikes, which could push inflation higher across the continent.
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Image Credit: WorldAtlas
