Inflation for the month of July 2024 declined to 20.9% from 22.8% recorded in June.
This is a decrease of 1.9 percentage points from the previous month’s rate.
According to the Ghana Statistical Service, food inflation decreased to 21.5% in July 2024, down from 24.0% in June. Non-food inflation also fell to 20.5%.
Government statistician Prof. Samuel Kobina Annim reported that inflation on imported goods dropped to 15.6% from 17.5%, which he attributed to the stability of the Cedi in July 2024.
In contrast, inflation on locally produced items remained higher, at 23.3% for July 2024.
“The question on the exchange rate is always an important one, which is why we have provided a trend analysis from June 2023 to July 2024. The dominance of the inflation on imported items can be aligned to the exchange rate stabilityy,” he said.
Housing, water, electricity, gas, and other fuel products had an inflation rate of 28.6% year on year. Alcoholic beverages, tobacco, and narcotics saw an inflation rate of 28.3%.
At the regional level, all 16 regions experienced a decrease in their inflation rates.
The Upper East Region had the highest inflation at 26.9%, while the North East Region recorded the lowest at 10.6% for July 2024.
The Greater Accra Region had an inflation rate of 22.2%, and the Ashanti Region had an inflation rate of 18.7%.
