Ghana inflation slows to 3.2 percent for 15th straight month

Consumer inflation in Ghana continued its downward trajectory in March, marking the 15th consecutive month of easing. According to the national statistics service, the year-on-year inflation rate slowed to 3.2%, a marginal decrease from the 3.3% recorded in February. This trend signals a period of recovery for the West African nation, which is a significant producer of Gold, Brent Crude Oil, and cocoa, as it navigates its way out of a profound economic crisis. Government statistician Alhassan Iddrisu highlighted the significance of the latest data during a press conference on Wednesday. > This is the lowest inflation we have recorded since the rebasing of the CPI in 2021 and... it shows a steady and sustained movement towards stability. Iddrisu noted that while food prices remained the primary driver of the cooling inflation, non-food items experienced modest price hikes. Specifically, petrol prices rose by 3.1% on a month-on-month basis by early March. This increase was attributed to the geopolitical tensions involving Iran, which have impacted global energy markets. Iddrisu warned that further effects of the conflict are expected to manifest in upcoming economic reports. The regional landscape remains challenging as several African nations that rely heavily on petroleum imports have implemented significant fuel price hikes. These measures are anticipated to create inflationary pressures across the continent, even as Ghana maintains its current disinflationary path.