Ghana’s Inflation Rate Continues to Decline in July 2024

Ghana’s inflation rate has slowed for the fourth consecutive month, reaching 20.9% in July 2024, down from 22.8% in June, according to the Ghana Statistical Service. This indicates that prices in July 2024 were 20.9% higher than in July 2023.

The month-on-month inflation rate from June to July 2024 was 2.1%.

At a press briefing, Professor Samuel Anim, the Government Statistician, reported that the Consumer Price Index (CPI) for July 2024 stood at 231.0, compared to 191.0 in July 2023.

Food inflation played a significant role, contributing 21.5% to the overall inflation rate, a decrease from 24.0% in the previous month. The month-on-month food inflation was 1.7%.

Non-food inflation contributed 20.5%, slightly lower than the 21.6% recorded in June 2024, with a month-on-month increase of 2.4%.

Inflation for imported goods was recorded at 15.6%, while locally produced items saw a higher inflation rate of 23.3%.

Regionally, the Upper East recorded the highest inflation at 26.9%, whereas the North East Region had the lowest at 12.5%.