Inflation in Ghana continued on a downward trend, dropping to 20.4% in August 2024 from 20.9% in July. This marks the sixth consecutive month of easing inflation since March, when it stood at 25.8%.
Government Statistician, Prof. Samuel Kobina Annim, credited the drop to a notable decline in food inflation, which decreased to 19.1% in August. However, non-food inflation increased slightly, reaching 21.5%.
Regionally, the Upper East recorded the highest inflation at 27.8%, while the Northeast had the lowest at 10.1%. The inflation rate for locally produced goods was 22.2%, outpacing that of imported items, which stood at 16.1%.
Month-on-month food inflation had a significant decrease, dropping to -0.7% between July and August, indicating a reduction in general price levels during the period. Prof. Annim was optimistic about the economy’s direction but urged caution, noting that while inflation is slowing, prices are still rising.
He was emphatic that the focus should remain on maintaining the downward trajectory of inflation to ensure sustained economic stability.