The country’s year-on-year inflation rate fell to 20.9 per cent in July this year from 22.8 per cent in June, the Ghana Statistical Service (GSS) has announced.
This represents a decrease of 1.9 percent relative to the figure inflation rate recorded in June this year.
On month-and-months basis, the inflation rate, which measures changes in the price of a fixed basket of goods and services purchased by households, fell to 2.1 per cent in July from 2.9 per cent in June.
Data released by the GSS and made available to the Ghanaian Times in Accra on Wednesday said the drop in the July 2024 inflation rate was partly influenced by food inflation which fell by 2.5 per cent.
It stated that food inflationrate for July fell to 21.5 per cent in July from 24.0 per cent in June and non-food inflation fell marginally to 20.5 per cent in July from 21.5 per cent in June this year.
The data revealed that the country witnessed a huge gap in the inflation rate between locally produced and imported items,
and since November last year to date, the inflationrate for locally produced items has outpaced inflation for imported items.
It further noted that Inflation for locally produced items in July stood at 23.3 per cent compared with the imported items which stood at 15.6 per cent.
On the regional breakdown, the GSS said the North East region recorded the highest rate of inflation for July this year at 64.2 per cent, followed by Western North 55.8 per cent, Upper East 50.2 per cent, Eastern 48.8 per cent, Bono 48.3 per cent, Northern 48.3 per cent, Savanah 48.1 per cent, Western 47.3 per cent, and Central 45.4 per cent.
Additionally, it indicated that Greater Accra recorded the lowest year-on-year inflation in July this year at 31.8 per cent, followed Ashanti 35.3 per cent, Ahafo 38.4, Oti 38.6 per cent, Upper West 40.2 per cent, Volta 43.7 per cent and Bono East 44.4 per cent.
BY KINGSLEY ASARE
