Ghana's annual inflation rate has dropped to its lowest
level in 28 months, reaching 20.9 percent in July 2024 and marking the fourth
consecutive month of decline.
Government Statistician, Professor Samuel Kobina Annim, announced the figures
in Accra on Wednesday, noting that the July inflation rate is the slowest since
March 2022. The latest data reveals a continued cooling of price growth, down
from June's 23.0% and a significant reduction from the 25.8 percent observed in
March 2024.
Food inflation in July was recorded at 21.5 percent, while non-food inflation
slightly trailed at 20.5 percent. Notably, the inflation rate for imported
goods was considerably lower at 15.6 percent, compared to the 23.3 percent for
locally produced items. This disparity highlights the ongoing challenges within
the domestic production sector.
Month-on-month, inflation growth slowed further, with prices rising by 2.1
percent from June to July, a decline from the 3.2 percent increase seen in May.
This trend suggests that inflationary pressures may be stabilizing, providing
some relief to consumers and businesses that have faced significant economic
strain over the past year.
Professor Annim attributed the overall decline to decreases in both food and
non-food categories, underscoring the broad impact these reductions have had on
the economy.
As inflation continues to ease, there is growing speculation that Ghana's
central bank may consider lowering interest rates to further stimulate economic
activity.
Source: graphic.com.gh