Ghana

Inflation Drops To 22.8% In June

 

The latest update from the Ghana Statistical Service (GSS) has revealed a significant decline in the country’s inflation rate for the month of June, with figures dropping to 22.8%.

This statistical data, as announced by the Government Statistician, Professor Samuel Kobina Anim, marks a notable decrease of 0.3 percentage points from the previous month’s inflation rate of 23.1% recorded in May 2024. Moreover, the month-on-month analysis for June displayed a further reduction with a recorded rate of 2.9%.

In a press briefing held in Accra on Wednesday, Prof. Anim elaborated on the Consumer Price Index data outlined by the GSS. According to him, food inflation and non-food inflation were reported at 24.0% and 21.6% respectively, showcasing varying impacts across the consumer market.

Regarding the year-on-year perspective, Prof. Anim clarified that the 22.8% inflation level indicates a noteworthy increase in prices of goods and services between June 2023 and June 2024.
Highlighting the deceleration in inflation growth, he emphasized the gradual downtrend seen in monthly rates, culminating in the observed decrease in June.

Moreover, regional disparities in inflation rates were noted, with the Upper East region registering the highest inflation rate at 35.20%, while the Oti region posted a notably lower rate of 12.5%. These regional variances underscore the diverse economic landscapes within Ghana and their contrasting impacts on local price levels.

 

By Vincent Kubi