Ghana’s Inflation rate rises to 25.8% in March 2024

The Ghana Statistical Service (GSS) has announced in its recent assessment of the economy that inflation for March this year increased to 25.8%.

This comes after the 23.2% that was recorded in February 2024.

Government statistician Professor Samuel Kobina Annim made this declaration at a press conference held in Accra on Wednesday, April 10, he disclosed, that the non-food inflation went up by 22.6 percent while food inflation also increased to 29.6%.

He added that Locally produced items and imported items went up by 26.6% and 23.

Ghana’s inflation rise is caused by several factors such as a combination of structural and monetary causes. The money supply and the monetary base’s increase to cover years of massive budget deficits are the main causes of inflation in Ghana. Other factors also include, Cost of borrowing: Excessive interest rates drive up production and retail prices.