Prices of goods and services in the month of May, rose by an average of 3.2%, a record high over the last 10 months, the Ghana statistical service has announced.

This was despite overall inflation between May 2023 and May 2024 recording a slow down to 23.1%, the lowest yearly inflationary figure is 26 months (i.e since March 2022).

Although the 23.1% yearly inflation recorded in May is the second consecutive fall in headline inflation, after the country recorded 25.8% and 25.0% for March 2024 and April 2024 respectively, the 3.2% monthly inflationary rate is the third consecutive rise in the monthly figure and a significant jump from the 1.8% recorded a month prior.

Head of the Ghana Statistical Service, Prof. Samuel Kobina Annim explains recent transport fare hikes can be attributed to the spike in the month on month inflation of May 2024.

“The main driver for the month on month inflation was transport which was the only month on month inflation for May 2024, that had two digits, specifically 10.6% transport inflation for the month of 2024.”, he said at the release.

Disaggregating the data, the statistical service further reveals, food inflation in the country year-on-year, recorded a sharp decline from 26.8% for April 2024 to 22.6% in May 2024 while non-food inflation saw a marginal rise from 23.5% in April 2024 to 23.6% in May 2024.

Both food and non-food inflations on a month-on-month basis recorded a rise in their rates with food inflation moving from 2.1% in April 2024 to 2.7% in May 2024 and non-food, moving from 1.5% to 3.6%.