Ghana Statistical Service hosts stakeholders to review inflation trends
The Ghana Statistical Service (GSS) has engaged stakeholders to discuss trends in consumer price inflation and key drivers influencing rising costs across the country.
The event, held on Wednesday, January 15, 2025, in Accra, aimed to foster dialogue among government officials, media representatives, and experts on addressing the challenges of inflation.
The engagement, titled "Review of 2024 Trends of Consumer Price Indices and Items Driving Inflation in Ghana", emphasised the importance of understanding the various factors contributing to inflation. It also examined strategies to stabilise prices and promote economic growth.
According to the GSS, "The retrospective approach is important because Consumer Price Inflation records changes over time in prices and the inflation rates from previous periods (base effect) influence the current figures. This necessitates a critical review of 2024 consumer price indices as one of the factors to be considered in the computation of annual rate of inflation in 2025."
Key drivers of inflation
The review revealed that specific items consistently recorded the highest price changes in 2024. These include bus and trotro fares and staple food items such as imported rice, smoked herrings, large onions, sea fish, kenkey with fish, and fresh tomatoes.
The GSS highlighted that these items account for almost one-third of average household expenditure. Median prices for transportation services and staple foods also saw significant increases during the year.
Call for collaborative solutions
Stakeholders, including representatives from the Bank of Ghana, Ministry of Finance, Ministry of Trade and Industry, Ministry of Food and Agriculture, academia, and the media, participated in the discussions.
The GSS stressed the importance of a multisectoral approach to tackling inflation. "The engagement underscored the need for the development of multisectoral solutions to addressing inflation and identifying potential recommendations for stabilising prices and promoting economic growth," the Service noted.
Participants received detailed insights into inflation trends and their impact on households, laying the groundwork for developing strategies to stabilise the economy.