The country’s year-on-year inflation rate slowed to 20.4 per cent in August from 20.9 per cent in July, the Ghana Statistical Service (GSS), has announced.
This is the fifth consecutive time the country’s inflation rate has declined after the consumer price rate fell to 25.0 per cent in April this year.
Data provided by the GSS to the Ghanaian Times yesterday said the month-on-month inflation between July and August 2024 stood at -0.7 per cent.
The GSS stated that food inflation drove the August inflation rate, which fell to 19.1 per cent in August from 21.1 per cent in July.
It said vegetables, tubers, plantain, cooking bananas and pulses
(37.5 per cent), fruits, vegetable juices (25.0 per cent), fish and other sea food (21.7 per cent), live animals, meat, other parts of slaughtered land animals (22.1 per cent), recorded year-on-year inflation rate above the national average food inflation of 19.1 per cent.
The GSS explained that water (2.5 per cent), cocoa drinks (4.5 per cent), tea and related products (10.6 per cent), sugar, confectionery and desserts (14.4 per cent), cereals and cereal product (11.8 per cent) ready-made and other food products (16.1 per cent) recorded inflation rates below the national food inflation.
According to the data, non-food inflation, on the other hand, rose to 21.5 per cent in August from 20.5 per cent in July.
“Inflation for locally produced items fell to 22.2 per cent in August from 23.3 per cent in July, while inflation for imported items inched up to 16.1 per cent in August from 15.6 per cent in July,” the GSS stated.
It further noted that housing, water, electricity and other fuels (31.8 per cent), restaurants and accommodation services (29.5 per cent), alcoholic beverages, tobacco and narcotics (25.0 per cent), education services (22.0 per cent), health (20.6 per cent) recorded year-on-year inflation rate above the national average of 20.4 per cent.
Moreover, the GSS stated that information and communication (12.4 per cent), insurance and financial services (12.4 per cent), furnishing, household equipment and routine household maintenance (12.6 per cent), personal care, social production and miscellaneous goods and service (14.9 per cent), transport (17.4 per cent), clothing and footwear (17.9 per cent), food and non-alcoholic beverages (19.1 per cent) and recreation, sports and culture (19.6 per cent) recorded inflation rates below the national average.
On a regional inflation, the GSS indicated that the Upper East Region recorded the highest inflation rate of 27.8 per cent, while the North East Region had the lowest rate of 10.1 per cent.
Highlighting on the regional food inflation, it noted that Upper West Region recorded the highest food inflation of 41.5 per cent, in August and North East recorded the lowest food inflation of 4.1 per cent.
On the non-food inflation, Upper East recorded the highest non-food inflation of 30.3 per cent and Upper West recorded the lowest non-food inflation of 13.1 per cent
BY KINGSLEY ASARE