Headline Inflation Dips 190bps To 20.9% In July
Ghana’s inflation rate eased to 20.9% in July 2024, marking a notable decline from June’s 22.8%, according to data released by the Ghana Statistical Service.
The 1.9 percentage point reduction reflects a broad-based slowdown, with food inflation dipping to 21.5% from 24.0%, while non-food inflation receded to 20.5%.
Government Statistician, Prof Samuel Kobina Annim addressing the media on Wednesday, August 14, indicated that inflation on imported items also dropped to 15.6% from 17.5% attributing the decline to the stability of the cedi.
However, inflation for domestically produced items remained elevated at 23.3%, underscoring persistent price pressures within the local economy.
Prof. Annim highlighted the critical role of exchange rate stability in tempering inflationary pressures, particularly on imported goods, presenting a trend analysis from June 2023 to July 2024 illustrating the correlation between exchange rate movements and inflation trends.
Sector-specific data revealed that inflation in housing, water, electricity, gas, and other fuel-related products surged to 28.6% year-on-year, while inflation in alcoholic beverages, tobacco, and narcotics stood at 28.3%.
At the regional level, all 16 regions of the country experienced a deceleration in inflation.
The Upper East Region recorded the highest inflation at 26.9%, while the North East Region posted the lowest at 10.6%. The Greater Accra and Ashanti regions reported inflation rates of 22.2% and 18.7%, respectively.
