Inflation for the month of July 2024 tumbled to 20.9 per cent.
This represents a decline of 1.9 percentage points from that of June, which was at 22.8 per cent.
According to the Ghana Statistical Service, food inflation went down to 21.5 per cent from 24.0 per cent in June 2024, while non-food inflation also fell to 20.5 per cent.
Government Statistician, Prof Samuel Kobina Annim, addressing the press, indicated that inflation on imported items also dropped to 15.6 per cent from 17.5 per cent.
This, he attributed to the stability of the cedi in July 2024.
However, inflation on locally produced items stood at 23.3 per cent for July 2024.
“The question on the exchange rate is always an important one, which is why we have provided a trend analysis from June 2023 to July 2024. The dominance of the inflation on imported items can be aligned to the exchange rate stability “, he said.
Five divisions recorded inflation rates higher than the national average.
They are Housing, Water, Electricity, Gas and Other Fuel Products (28.6%); Restaurants and Accommodation Services (28.3%); Alcoholic Beverages, Tobacco and Narcotics (26.8%); Food and Non-Alcoholic Beverages (21.5%); and Health (21.2%).
For food inflation, four out of 15 Sub-Class registered inflation above the overall food inflation of 21.5%.
They included Vegetables, Tubers, plantain, cooking, banana, and Pulses (41.5%); Fruits and Nuts (35.1%), and fruit and Vegetables Juices (26.7%).
The Upper East region (26.9%) recorded the highest inflation rate, whereas the Ahafo region recorded the least inflation (15.5%)
At the regional level, all 16 regions witnessed some reduction in their inflation levels.
