The Ghana Statistical Service (GSS) announced on Wednesday that the country’s headline inflation declined further to 12.1 percent in July, 1.6 percentage points lower than the previous month.
“The new inflation figure marks the lowest since October 2021 and the seventh straight drop in headline inflation,” GSS Government Statistician Alhassan Iddrisu said during the monthly briefing.
Iddrisu attributed the fall to the lower food and non-food inflation during the month under review.
Compared to June, food inflation declined by 1.2 percentage points to 15.1 percent in July, while non-food inflation decreased by 1.9 percentage points to 9.5 percent.
Meanwhile, the inflation rate for locally produced and imported items stood at 12.9 percent and 10 percent, respectively.
“Despite the easing year-on-year inflation, there are some emerging pressures, including increases in the month-on-month inflation. One would have wished the month-on-month inflation was also decreasing, but in this case, it is increasing,” Iddrisu noted.
In late July, the Bank of Ghana reduced its benchmark interest rate by 300 basis points to 25 percent, citing easing inflationary pressures and the need to induce economic growth. Enditem
Source: Xinhua
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