Ghanas inflation drops to 16.4%

Inflation slowed to 16.4 percent in January from 17.0 percent in December due to stable food prices and a fall in oil prices on the world market, the Ghana Statistical Service has announced.

‘The source of the easing is largely the stability in food prices that we have seen in recent months, supported by the decrease in oil prices,” deputy government statistician Baah Wadieh said at a media briefing Wednesday.

January food inflation rose slightly to 6.9 percent from 6.8 percent the previous month, while non-food inflation stood at 23 percent compared to 23.9 percent in December, he said.

According to the Statistical Service, mineral water, soft drinks and fruit recorded the highest inflation in the food group at 16.7 percent. Housing, water, electricity, gas and other fuels saw inflation of 32.3 percent.

Ghana is currently before the International Monetary Fund (IMF) hoping to secure about $1 billion in financial assistance by March ending to stabilise the economy and reduce deficit.

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