Inflation rate fell to 20.4% in August 2024 after declining to 20.9% in July, which is the sixth consecutive month of fall since March, when it was 25.8%. Prof. Samuel Kobina Annim, the government statistician, claims that the decrease in inflation can be ascribed to a decrease in food inflation, which dropped to 19.1% in August while non-food inflation increased to 21.5%.
Regionally, the Northeast Region had the lowest rate of inflation (10.1%), while the Upper East Region had the highest rate of 27.8%. The report also revealed that the inflation rate for locally manufactured goods was 22.2%, while the inflation rate for imported goods was 16.1%. Significantly, food inflation fell to -0.7% in August compared to July, implying a general decline in prices for goods and services in August 2024.
Prof. Annim says this drop in Inflation indicates a decrease in price hikes, which is good news for the economy. He did, however, issue a warning, noting that the decreasing trend should be maintained as prices are still growing. “Ghana continues to experience Inflation in prices. Between August 2023 and August 2024, general price levels of goods and services went up by 20.4%. Disaggregating this from a food and non-food inflation perspective, non-food inflation was 21.5% for the month of August 2024 relative to food inflation of 19.1 for the month of August 2024.”
SOURCE: https://dew360.net
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