Inflation Further Drops to 38.1%

Data from the Ghana Statistical Service (GSS) has pegged inflation at 38.1 percent, down from 40.1 percent in August 2023.

The drop also affected food, non-food, locally produced goods, and imported products.

Food inflation recorded a rate of 49.4%, down from 51.9%; non-food inflation was at 29.3%, down from 30.9%; locally produced items recorded 37.3%, and imported goods stood at 39.9%.

It is the second drop in five consecutive months, being influenced by personal care, social protection, and miscellaneous goods and services; furnishing, household equipment, and routine household equipment; food and non-alcoholic beverages.

These divisions had their sub-products recording inflation rates above the national average.

Meanwhile, health; clothing and footwear; recreation, sports, and culture; transport; information and communication; education services; insurance and financial services; and restaurant and accommodation services recorded inflation rates lower than the national average.

Regional Outlook

The slowdown in inflation is witnessed regionally as well, with the region with the highest inflation rate failing to reach the 60% mark.

The North-East Region, which has been leading as the region with the highest inflation, recorded a rate of 54.4% – the only region to hit the 50% mark.

Meanwhile, eight other regions recorded rates higher than the national average. They include the Upper East (41.6%), Northern (44%), Bono (46.5%), Volta (42.5%), Western (47.7%), Western North (44.1%), Eastern (49.9%), and Bono East (39.1%).

Seven other regions recorded inflation rates equal to or less than the national average. They include Upper West (34.5%), Savannah (37.3%), Oti (34.3%), Ahafo (35.5%), Ashanti (31.2%), Central (38.1%), and Greater Accra (33.9%).

The Ashanti Region had the lowest inflation rate regionally per statistics from the GSS.