This is down from the 21.2% recorded in April and marks the lowest rate since February 2022.

It also extends the country’s disinflation trend into its fifth consecutive month as the rate nearly halves from its 2022 peaks

The Ghana Statistical Service (GSS) attributes the significant decline to reductions in transport fares and a marked slowdown in non-food inflation, signaling a sustained easing in the pace at which consumer prices are rising.

Government Statistician, Dr. Alhassan Iddrisu, said at a press briefing in Accra that the recent drop in fuel prices at the pumps, which influenced a nationwide adjustment in transport fares played a major role in cooling inflationary pressures in May.

He added that food inflation, though still elevated, continued to ease while services and transport-related costs recorded the steepest drop, providing some relief to household budgets.

Regionally, inflation disparities remain wide.

The Upper West Region posted the highest inflation rate at 38.1%, driven largely by higher food prices and transport costs in the northern belt.

The Ahafo Region, however, recorded the lowest inflation at 14.5% suggesting more stable price dynamics in that zone.

The latest inflation data is likely to bolster market confidence in the ongoing macroeconomic recovery and support the central bank’s monetary policy stance.