Ghana’s headline inflation slowed for a fourth consecutive month in July, to 20.9% from 22.8% in June.
This was reported by Government Statistician Prof. Samuel Kobina Anim on Wednesday. The new rate of 20.9% represents 1.2 percentage points reduction.
According to Prof. Anim, the latest decline was the result of a fall in both food and non-food inflation. “Rate of inflation for the month of July 2024 was 20.9%. This means that between July 2023 and July 2024, general average price levels of goods and services went up by 20.9%. This means that on a year-on-year basis, persons in Ghana continue to experience increases in prices of goods and services to the tune of 20.9%,” the Government Statistician announced in a news conference.
On a month-on-month basis, the country recorded a 2.1% in inflation for July 2024 from 2.9% in the previous month representing 0.8percentage point reduction.
This 2.1% monthly inflation of July 2024 is the fourth highest for the 13month period between July 2023 and July 2024.
Food inflation for July 2024 also declined to 21.5% from 24.0% in June 2023. The decline also reflected in Non-Food Inflation which decreased to 20.5% in July 2024 from 21.6% in June 2023. On a month-on-month basis, Food Inflation recorded a decline to 1.7% in July 2024 from a very higher rate of 5.1% in June 2024. On the flipside, Non-Food Inflation rather recorded an increase to 2.4% in July 2024 from 0.9% in June 2024.
Inflation for locally made goods for the month July stood up 23.3% while that of imported goods also stood at 15.6%.
