Ghana: Inflation comes in at highest level since January 2004 in April
Consumer prices rose a seasonally-adjusted 5.17% in April over the previous month, picking up from the 4.02% increase logged in March. April’s figure was the highest month-on-month reading since February 2003. The result was driven by rising prices all round, especially for food and beverages and transport.
Inflation came in at 23.6% in April, which was up from March’s 19.3%. April’s figure marked the highest inflation rate since January 2004. Annual average inflation rose to 12.8% in April (March: 11.6%).
Interestingly, the inflation for imported goods was 24.7% in April (17.3% in March) while the inflation for locally produced items was 23.0% in April (20.0% in March). This is the first time in 29 months that inflation for imported items exceeded domestic inflation, reflecting the current global inflationary pressures.