Ghana’s consumer inflation has continued its downward trend, reaching 20.9% year-on-year in July, marking the fourth consecutive month of decline.
This represents a 1.9 percentage point drop from June’s 22.8%, reflecting a gradual easing of economic pressures that have weighed heavily on consumers throughout 2023.
The July inflation rate saw food inflation at 21.5%, while non-food inflation was slightly lower at 20.5%. Notably, the inflation rate for imported items was recorded at 15.6%, significantly lower than the 23.3% observed for locally produced goods.
The continued reduction in inflation, which began in April 2024, suggests a steady cooling of price growth across the economy.
Government Statistician, Professor Samuel Kobina Annim, highlighted that the overall decline in inflation was driven by decreases in both food and non-food categories.
“This sustained decline indicates broader economic improvements,” he noted, underscoring the positive impact of these reductions on consumers and businesses alike.
