Government Statistician, Professor Samuel Kobina Annim has revealed that inflation for July 2024 declined to 20.9% from the 22.8% recorded in June 2024.
At a press briefing, the Government Statistician indicated that the decline represents a 1.9%.
He also noted that the general price level which was 20.9 percent was higher than July 2023.
Month-on-month inflation between June and July 2024 was 2.1 percent.
According to the Ghana Statistical Service, food inflation went down to 21.5 per cent from 24.0 percent in June 2024, while non-food inflation also fell to 20.5 percent from 21.6 percent in June 2024.
Prof Samuel Kobina Annim indicated that inflation on imported items also dropped to 15.6 percent from 17.5 per cent.
However, inflation on locally produced items stood at 23.3 per cent for July 2024.
He stated that, the question on the exchange rate is always an important one that is why they 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.
Five divisions recorded inflation rates higher than the national average.
They are Housing, Water, Electricity, Gas and Other Fuel Products 28.6 per cent; Restaurants and Accommodation Services 28.3 per cent; Alcoholic Beverages, Tobacco and Narcotics 26.8 per cent; Food and Non-Alcoholic Beverages 21.5 per cent; and Health 21.2 per cent.
For Food inflation, four out of 15 Sub-Class registered inflation above the overall food inflation of 21.5 per cent.
They included Vegetables, Tubers, Plantain, Cooking, Banana and Pulses at 41.5 per cent; Fruits and Nuts at 35.1 per cent and Fruit and Vegetables Juices at 26.7 per cent.
The Upper East region recorded the highest inflation rate of 26.9 per cent, whereas Ahafo region recorded the lowest inflation of 15.5 per cent. North East Region recorded 10.6 per cent for July 2024.
At the regional level, all 16 regions witnessed some reduction in their inflation levels.
Greater Accra and Ashanti Region recorded inflation rates of 22.2 per cent and 18.7 per cent respectively.
