Inflation has reduced again for the tenth consecutive month. The rate for April dropped to 11.66 per cent from the previous month’s figure of 13.3 per cent.
This is the lowest in more than 27 months. It means even though prices of goods and services generally went up in April the rate of increase was less than that of March.
The Ghana Statistical Service believes inflation has continued to decline for the past 10 months because of an abundance of food produce on the market.
Director of Economics and Industrial Statistics, Ebo Duncan, also attributed the decline to the relative stability being enjoyed by the Ghana cedi.
"the exchange rate is stable so imported goods will not necessarily have any price effect due to the exchange rate. And last year too the harvest of local farm produce was good. "When this happens we see that during the lean season you still have food in store so that will help cushion the price level," he said.
He however cautioned that the rate might increase after wages and salaries have been paid.
He was also cautious about the sustainability of the inflation rate given a rather deplorable weather condition forecast by the Meteorological Service.
