News One Hundred and Sixty: Inflation in Ghana falls for first time in 19 months

Ghana’s inflation rate has fallen – albeit slightly – for the first time in 19 months, official statistics show.

The inflation rate in January was 53.6%, compared with 54.1% in the previous month.

But food inflation rose slightly to 61.0% in January, while non-food inflation was down to 47.9%, Ghana Statistical Service figures showed, Reuters news agency reports.

This means that prices are still rising, just not quite as quickly as before.

A reduction in fuel prices saw transport inflation fall, Ghana’s Joy FM website reports.

Ghana’s economy is in deep crisis, with the website reporting that international rating agency Fitch has downgraded its creditworthiness to “further junk status”.

Reuters describes the economic crisis as the worst in a generation, saying that capital outflows, a crushing debt-service burden and rapid currency depreciation have wrought havoc on government and household finances.