Ghanatodayonline.com News, Politics, Health, Education & More
August saw an unexpected decline in Ghana’s inflation rate, bringing it to its lowest level in ten months.
Professor Samuel Kobina Annim, a government statistician, claims that annual inflation slowed from 43.1% in July to 40.1% in August. Since last October, this is the most sluggish rate of change.
The main factor behind this slowdown, according to Prof. Annim, is rising food prices. While non-food price rise fell from 33.8% to 30.9%, food inflation dipped from 55% in July to 51.9% in August.
Additionally, for the first time this year, the inflation rate for imported goods was lower than that for goods made domestically. The inflation rate for goods made in-country was 42.4%, compared to 36.2% for goods imported.
Prof. Annim stated that although the drop in inflation is welcome news, it is still too early to tell whether this is a long-lasting trend.
The rate of inflation serves as a barometer for how quickly prices are rising. People’s purchasing power is reduced when there is significant inflation since they have to pay more for the same goods and services.
Source: Ghanatodayonline.com
