Ghana’s consumer inflation declined for a fourth consecutive month to record a rate of 20.9% for July 2024, according to the Ghana Statistical Service.
The drop represents a 1.9 percentage point drop from June’s 22.8%
Food inflation for the period stood at 21.5%, while non-food inflation was slightly lower at 20.5%. Inflation on imported items came in at 15.6%, compared to the 23.3% recorded for locally produced goods.
This decrease marks a continued downward trend in inflation, which has been steadily declining since March 2024, when inflation stood at 25.8%.
Over the past four months, inflation has consistently dropped, offering some relief from the price pressures that gripped the economy in 2023.
On a month-to-month basis, inflation slowed to 2.1% between June and July 2024, reflecting the second consecutive month of slowing price growth.
This follows a similar decline from 3.2% in May 2024, underscoring the cooling trend in monthly inflation.
A year-on-year analysis reveals that food inflation has seen a considerable reduction, now standing at about 2.4 times lower than in August 2023.
However, food prices remain slightly elevated compared to non-food items.
The gap between locally produced and imported goods inflation is also noteworthy, with locally produced goods recording a relatively higher rate of 23.3% compared to the 15.6% for inflation on imported items.
Government Statistician, Professor Samuel Kobina Annim told journalists the decline is a result of both a fall in food and non-food inflation.
Source: Edna Agnes Boakye