Ghana’s year-on-year inflation rate slightly decreased in August, reaching 20.4%, down from 20.9% in July, according to the Ghana Statistical Service.
This modest reduction was largely due to a decline in food inflation, which fell to 19.1% from 21.5% the previous month.
Government Statistician Professor Samuel Kobina Annim attributed the slowdown to lower prices in key food categories such as milk, oils and fats, and fruits and nuts.
While food inflation eased, non-food inflation increased to 21.5% in August from 20.5% in July. Overall, prices across all categories dropped by 0.7% for the month.
August saw the fifth consecutive month of declining inflation in Ghana.
Despite this progress, inflation remains significantly above the central bank’s medium-term target of 8%, with a permissible margin of two percentage points on either side.
