July 13, 2024

Inflation Rate Drops From 23.1 to 22.8 Percent

Inflate Rate For June Drops

Ghana’s annual inflation rate slowed to 22.8 percent in June, the lowest level in over two years, according to the Ghana Statistical Service (GSS). 

This represents a marginal decline from the 23.1 percent recorded in May.

Despite the overall drop, food inflation climbed to 24.0 percent, while non-food inflation decreased to 21.6 percent.

Government Statistician, Professor Samuel Kobina Annim, highlighted the impact of exchange rate fluctuations on imported goods. Inflation for imported items stood at 17.5 percent, potentially linked to the recent period of cedi instability.

However, Prof. Annim pointed to a trend analysis showing some recent stabilization in the exchange rate, which could contribute to further inflation reduction.

“The question on the exchange rate is always an important one that is why we have provided a trend analysis from June 2023 to June 2024. The dominance of the inflation on imported items can be aligned to the exchange rate stability “, he said.

While the overall picture shows improvement, disparities persist across regions and product categories. Four sectors – alcoholic beverages, tobacco & narcotics, restaurants & accommodation services, and housing, water & electricity – recorded inflation rates higher than the national average. Additionally, the Upper East Region continues to experience the highest inflation rate at 35.2 percent, while the Oti Region boasts the lowest at 12.5 percent.

Credit: Graphiconline

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