The inflation rate slows for fourth consecutive month to 20.9 per cent in July

The year-on-year inflation rate slowed for the fourth consecutive month to 20. 9 per cent in July compared to 22.8 per cent the previous month, the Ghana Statistical Service said on Wednesday.

This means that in July 2024, the general price level was 20.9 percent higher than July 2023.

The Month-on-month inflation between June and July 2024 was 2.1 per cent.

Professor Samuel Anim, the Government Statistician, at a press briefing, said the Consumer Price Index for July 2024 was 231.0 relative to 191.0 for July 2023.

He said food inflation contributed 21.5 per cent to all inflation compared to last month’s food inflation of 24.0 per cent with the month-on-month food inflation being 1.7 per cent.

Meanwhile, non-food inflation also contributed 20.5 per cent, compared to last month’s non-food inflation of 21.6 per cent with the month-on-month being 2.4 per cent.

Inflation for imported items was 15.6 per cent compared to that for locally produced items, which was 23.3 per cent.

On the regional Inflation basis, the Upper East recorded the highest inflation rate of 26.9 per cent, while the North East Region recorded the lowest regional inflation rate of 12.5 per cent.

GNA