Home Business Ghana inflation falls in March, lower health, transport rates help

Ghana inflation falls in March, lower health, transport rates help

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Ghana’s annual consumer price inflation fell to 12.8 percent in March from 13.2 percent the previous month mainly due to lower non-food rates, notably for transport and health, the statistics office said on Wednesday.

The government of President Nana Akufo-Addo has targeted inflation of 11.2 percent this year as part of its drive to restore macro economic stability. The March figure is the lowest since December 2013.

Food inflation was 7.3 percent in March compared with 7.1 percent in February, while non-food inflation was 15.6 percent last month compared with 16.4 percent the month before, deputy government statistician Baah Wadieh told a news conference.

“The easing in the rate is mainly due to declines in non food especially for transport and health,” he said.

An International Monetary Fund team is meeting officials in the Ghanaian capital this week to review a three-year $918 million aid package due to end next year.

The deal aims to reduce inflation, the public debt and budget deficit and promote growth in a country that exports gold, oil and cocoa. Until 2014, Ghana was one of Africa’s most dynamic economies but it was hit by a slump in commodity prices and a fiscal crisis.

REUTERS

 

 

 

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