Ghana’s inflation decreases marginally from 23.1% to 22.8% in June

The Ghana Statistical Service has announced inflation Rate in Ghana has decreased from 23.1 % in May to 22.8% in the month of June, the lowest in over 2 years.

This is the year-on-year rate. The month-on-month rate for June also witnessed a decrease, recording 2.9%.

This means that in the month of June 2024 the general price level was 22.8 percent higher than June 2023.

According to the GSS, notwithstanding the overall drop, food inflation climbed to 24.0 percent, while non-food inflation decreased to 21.6 percent. Government Statistician, Professor Samuel Kobina Annim, highlighted the impact of exchange rate fluctuations on imported goods.

Inflation for imported items stood at 17.5 percent, whiles locally manufactured items stood at 25.0%, potentially linked to the recent period of cedi instability.

However, Prof. Annim hinted on a trend analysis showing some recent stabilization in the exchange rate, which could contribute to further inflation reduction.

“The question on the exchange rate is always an important one that is why we have provided a trend analysis from June 2023 to June 2024. The dominance of the inflation on imported items can be aligned to the exchange rate stability “, he stated.
Prof. Anim added that “the Upper East region recorded the highest rate of inflation with 35.20 percent, with the Oti region recording a rate of 12.5 percent.

Vegetables, tubers, plantain, cooking bananas and pulses recorded 42.25 on year-on-year rates and 5.0% on month-on- month rates.

Alcoholic Beverages, Tobacco and narcotics recorded 32.3 percent, Restaurants and accommodation services recorded 30.7 percent, Housing, water, electricity also had 26 percent while and food and non-alcoholic beverages recorded 24 percent higher inflation than the overall rate of inflation of 22.8 percent for June 2024.

Ghana | | Abigail Owusu


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