Ghana’s Inflation Rate Sees Slight Dip in June – GSS

According to the latest data released by the Ghana Statistical Service (GSS), the country’s inflation rate has experienced a slight decrease, dipping to 22.8% in June.

This represents a 0.3 percentage point drop from the 23.1% recorded in May.

While the decrease is a welcome development, the inflation rate remains relatively high, indicating that prices of goods and services continue to rise, albeit at a slower pace.

The Ghana Statistical Service attributes the slight dip to marginal decreases in the prices of some food items and non-food commodities.

Despite this slight reprieve, the inflation rate remains a concern for Ghanaian households and businesses, as the cost of living continues to rise.

Okro, green pepper, and tomatoes are among the top 20 items with significant price increases.

The data reveals that these staple food items have seen remarkable price hikes, with okro leading the pack at 87.8% year-on-year inflation, followed by green pepper at 71.0% and tomatoes at 67.5%.

The slight dip in inflation offers a glimmer of hope, but sustained efforts are necessary to achieve economic stability and alleviate the burden of high prices on Ghanaian households.

Inflation is the rate of increase in prices over a given period of time. It is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. But it can also be more narrowly calculated—for certain goods, such as food, or for services.

Story by Adwoa S. Danso