Headline inflation inches up by 60bps to 43.1% in July 2023
Headline inflation witnessed a marginal uptick (60bps) year-on-year, climbing to 43.1% for July 2023 compared to the 42.5% figure registered in June.
Month-on-month inflation between June 2023 and July 2023 was 3.6 percent
According to the Ghana Statistical Service, Food and Non-Alcoholic Beverages Inflation which stood at a notable 55.0% played a role in driving the overall inflation figure higher.
Month-on-month food inflation was 3.8% with last month’s food inflation being 54.2%.
Ghana has just been recently ranked as the eighth country with the highest food inflation globally by the World Bank.
On the flip side, Non-Food Inflation maintained its inflation figure of 38.3% during the same period, reflecting a less pronounced but significant inflationary pressure within the sector.
Month-on-month non-food inflation was 3.4% with last month’s non-food inflation being 33.4%.
Diverting attention to the regional dynamics, the North East Region emerged as the epicenter of inflation, witnessing an elevated rate of 64.0%.
Contrasting this, the Greater Accra Region exhibited a relatively subdued inflation rate of 31.8%, positioning it as the region with the lowest recorded inflation.
According to the GSS, inflation for locally produced and imported items were 37.5% and 45.7% respectively.
