Inflation has dropped from 22.8% in June to 20.9% in July, representing a decline of 1.9 percentage points.
Official figures from the Ghana Statistical Service also indicated that food inflation dropped to 21.5% from 24.0% in June 2024 with non-food inflation falling to 20.5%.
Government Statistician Prof Samuel Kobina Annim who gave the figures as at media briefing yesterday, indicated that inflation on imported items also dropped to 15.6% from 17.5%.
This, he attributed to the stability of the cedi in July 2024.
However, inflation on locally produced items stood at 23.3% for July 2024.
“The question on the exchange rate is always an important one that 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 stability,” Prof. Annim added.
Five divisions recorded inflation rates higher than the national average.
They are Housing, Water, Electricity, Gas and Other Fuel Products (28.6%); Restaurants and Accommodation Services (28.3%); Alcoholic Beverages, Tobacco and Narcotics (26.8%); Food and Non-Alcoholic Beverages (21.5%); and Health (21.2%).
Figure 1
For Food inflation, four out of 15 Sub-Class registered inflation above the overall food inflation of 21.5%.
They included Vegetables, Tubers, Plantain, Cooking, Banana and Pulses (41.5%); Fruits and Nuts (35.1%) and Fruit and Vegetables Juices (26.7%).
Figure 2
Upper East region recorded highest inflation rate
The Upper East region (26.9%) recorded the highest inflation rate, whereas Ahafo region recorded the least inflation (15.5%).
At the regional level, all 16 regions witnessed some reduction in their inflation levels.
Upper East Region recorded the highest inflation of 26.9 per cent while the North East Region recorded 10.6 per cent for July 2024.
Greater Accra and Ashanti Region recorded inflation rates of 22.2% and 18.7% respectively.
