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The nation’s inflation rate decreased for the sixth consecutive month after peaking at 25.8% in March 2024, falling to 20.4% in August 2024 from 20.9% in July.
The country’s economic stability is showing signs of improvement, as seen by this continuous decline.
The decline was ascribed by government statistician Prof. Samuel Kobina Annim to a notable decline in food inflation, which dropped to 19.1% in August. Inflation outside of food, however, increased to 21.5%.
“Ghana continues to experience upward changes in prices. Between August 2023 and August 2024, general price levels of goods and services increased by 20.4 per cent. Disaggregating this, non-food inflation was 21.5 per cent in August 2024 compared to food inflation at 19.1 per cent,” Prof. Annim said.
In terms of regional inflation rates, the Northeast had the lowest rate at 10.1%, while the Upper East had the highest at 27.8%. The inflation rate for goods made locally was 22.2%, while that of imported goods was 16.1%.
Surprisingly, food inflation decreased to -0.7% in August compared to July, indicating a drop in overall price levels.
“The data reveals a 6.1 percentage point difference between inflation on locally produced items and imported items. Locally produced items had an inflation rate of 22.2 per cent, while imported items stood at 16.1 per cent.
“We saw a slight increase in inflation on imported items from 15.6 per cent to 16.1 per cent, and a 1.1 percentage point decrease for locally produced items from 23.3 per cent to 22.2 per cent,” Prof. Annim noted.
A decrease in price increases is suggested by the inflation decline, which he viewed as a favorable economic signal. He emphasized the necessity for continued efforts to maintain this decreasing trend, but he also issued a warning that prices are still rising.
For August 2024, we observed a notable decrease in food inflation month over month to -0.7%. This suggests that during July and August, general price levels will drop by 0.7%, Prof. Annim said.
Source: Ghanatodayonline.com
