Figures released by the Ghana Statistical Service show year-on-year inflation continues to fall for the fourth consecutive month as the inflation rate for July stood at 20.9% down from 22.8% in June.
According to Government Statistician, Professor Samuel Kobina Annim, the cost of food on the market is the driving force behind the disturbing two-digit inflation rate.
“For the fifth consecutive month, that is from March 2024 to July 2024, we continue to see a decline in the overall rate of inflation, declining from 25.8% through 25.0% and consistently to 20.9% in the month of July 2024 indicating a five-month consecutive decline in rate of inflation on a year on year basis,” Professor Annim announced.
The GSS revealed that food inflation for July stood at 21.5% declining from 24% the previous month whilst non-food inflation recorded 20.5%, a dip from 21.6% in June.
The disparity between homegrown items and imported items could not have been clearer. While inflation rate for locally produced products recorded 23.3%, inflation for imported items was at 15.6% for July.
Source: Ghana/Starrfm.com.gh/103.5FM/Mitchell Asare Amoamah
