Inflation Drops to 20.9%

The latest Consumer Price Index (CPI) and inflation rate data released by the Ghana Statistical Service (GSS) shows that the country continues to loiter in the path of disinflation.

After studying the price collection of products collected from 8,337 outlets in 57 markets across the country, the Service concluded that inflation rate had eased further from 22.8% in June 2024 to 20.9% in July 2024.

This reflected in data on both food and non-food items at 21.5% and 20.5% respectively compared to 24.0% and 21.6% respectively, though the former remains relatively high.

Housing, Water, Electricity, Gas and others; Restaurant and Accommodation services; Alcoholic beverages, Tobacco and Narcotics; Food and non-alcoholic beverages; and Health recorded inflation rates higher than the national average.

In all, the data showed that vegetables, tubers, plantain and pulses recorded higher inflations among food classes at 41.5% with fruits and nuts following at 35.1%.

Among the 16 regions, Upper West recorded the highest food inflation while by the Upper East Region recorded the highest non-food inflation seconding at 31.6%.

At 9.5% and 11.5%, the North East Region stands as the region with the lowest food and non-food inflation rates respectively.

In the Upper West vegetables, tubers, plantain and pulses (83.9%); Fish and other sea food (63.6%); Fruits and nuts (31.6%); Live animals, meat and other parts of slaughtered land animals (23.6%); and Ready-made food and other food products (22.0%) is driving food inflation.

Meanwhile, in the Upper East Region, Alcoholic beverages, Tobacco and Narcotics; Restaurant and Accommodation services; Education; and Personal care, social protection and miscellaneous goods are driving the high non-food inflation.