Inflation declined marginally to 20.4% in August 2024 from 20.9% in July 2024.
According to data from the Bank of Ghana, year-on-year inflation slowed down, largely due to base effects.
The month-on-month inflation between July and August 2024 was -0.7%, indicating a considerably slowed down in general price levels.
Food inflation dipped to 19.1% month in August 2024, from 21.5%.
On the other hand, non-food inflation went up to 21.5% in August 2024 from 20.5% in July 2024.
Inflation for locally produced items was 22.1%, while inflation for imported items was 16.1%.
Five divisions recorded inflation rates higher than the national average.
They were Housing, Water, Electricity, Gas and Other Fuel Products (31.8%); Restaurants and Accommodation Services (29.5%); Alcoholic Beverages, Tobacco and Narcotics (25%); Education services (22.0%) and Health (20.6%).
For Food inflation, four out of 15 Sub-Class registered inflation above the overall food inflation of 19.1%.
They included Vegetables, Tubers, Plantain, Cooking, Banana and Pulses (37.5%); Fruits and Vegetables (25.0%) and Live animals, meats and other parts of slaughtered and animals (22.1%).
Upper East region records high inflation
For the regions, the Upper East region recorded the highest inflation rate of 27.8%. It was followed by Savannah (26.1%) and Upper West (25.6%) respectively.
The region with the lowest inflation rate of 15.1%.
The Greater Accra and Ashanti regions recorded inflation rate of 21.5% and 19.5% respectively.
