Ghana’s Government Statistician, Professor Samuel Kobina Annim, has announced that the country’s inflation rate dropped to 20.9 per cent in July 2024, down from 23 per cent in June this year.
Prof, Annim told journalists on Wednesday in Accra that the July inflation rate was the lowest since March 2022 and represented a significant reduction from 25.8 per cent recorded in March 2024.
According to him, this drop in annual inflation rate is the lowest in 28 months, marking the fourth consecutive month of decline in inflation rate.
He said that the food inflation in July was 21.5 per cent, while non-food inflation was 20.5 per cent.
Prof Annim said that the inflation rate for imported goods was considerably lower at 15.6 per cent, while the rate for locally produced goods was 23.3 per cent, thus signaling the ongoing challenges within the domestic production sector.
The month-on-month inflation growth slowed further with prices rising by 2.1 per cent from June to July and a decline from the 3.2 per cent increase seen in May.
This trend, according to him, suggests that inflationary pressures may be stabilizing and providing some relief to consumers and businesses that have faced significant economic strain over the past year.
GIK/APA