Ghana’s annual inflation rate fell to 4.6 percent in July from 5.3 percent in June, marking the first slowdown in inflation since March, the Ghana Statistical Service (GSS) announced on Thursday.
Government Statistician Alhassan Iddrisu said the 0.7-percentage-point decline was largely driven by easing food inflation, which remains the biggest contributor to movements in the consumer price index.
“Compared to 3.9 percent in June, food inflation stood at 3.1 percent in July, while non-food inflation also declined to 6.1 percent in July from 6.3 percent a month earlier,” Iddrisu said.
Inflation for locally produced goods declined to 5.9 percent in July from 6.7 percent a month earlier, while inflation for imported items fell to 2 percent from 2.3 percent.
Last month, the Bank of Ghana kept its benchmark lending rate unchanged at 14 percent, citing persistent global geopolitical uncertainties.
Despite external risks to the inflation outlook, Bank of Ghana Governor Johnson Asiama said the central bank’s Monetary Policy Committee said that inflation expectations and core inflation expectations remained broadly within the target range of 6 to 10 percent.
Asiama said that even a prolonged disruption of shipping through the Strait of Hormuz, which could push up global crude oil prices, was unlikely to have a significant impact on Ghana’s economy. Enditem
Source: Xinhua
