Ghana witnessed a significant easing in its Consumer Price Index (CPI) for May 2024, dropping to 23.10% from the previous month's high of 25.00%. The data, updated on June 12, 2024, provides a year-over-year comparison, highlighting an encouraging trend towards economic stability.
This latest CPI figure indicates that inflationary pressures are beginning to moderate, a promising development for the Ghanaian economy. The reduction from April's 25.00% to May's 23.10% marks a notable decline, pointing to the effectiveness of recent fiscal and monetary policies aimed at curbing inflation.
Economists and policymakers are likely to view this decline as a positive step, although they will remain cautious. Sustained efforts will be necessary to ensure that the inflation rate continues to drop in the coming months, thereby providing relief to consumers and businesses alike in Ghana.
