According to the Ghana Statistical Service’s latest report, the inflation rate for June 2024 has decreased to 22.8%, a 0.3% drop from the previous month’s rate of 23.1%.
The month-on-month inflation rate also saw a decline, recording 2.9%. The Consumer Price Index data reveals that food and non-food inflation rates stood at 24% and 21.6%, respectively.
At a press briefing in Accra on July 10, 2024, Government Statistician Professor Samuel Kobina Anim explained that the year-on-year inflation rate of 22.8% indicates a 22.8% increase in prices of goods and services between June 2023 and June 2024.
This represents a slowdown of 0.3 percentage points compared to the previous month.
Regional inflation rates varied, with the Upper East region experiencing the highest rate of 35.2%, while the Oti region recorded the lowest rate of 12.5%.
The decrease in inflation rates suggests a positive trend in Ghana’s economic landscape.
Professor Anim further broke down the figures, noting that the housing, water, electricity, and gas sector recorded an inflation rate of 23.6%, while the transport sector recorded 21.1%.
The furniture and household equipment sector saw an inflation rate of 20.6%, and the education sector recorded 19.4%.
The decrease in inflation rates is a positive development for Ghana’s economy, and the government hopes to continue this trend with its economic policies.
