Inflation drops to 40.1%; first in the last five months

Government Statistician, Prof. Samuel Kobina Annim has provided the latest inflation figures for the country.

At a press briefing of the Ghana Statistical Service (GSS) on Wednesday, September 13, he said inflation for the month of August dropped to 40.1%.

This is a 3.0% decrease from the 43.1% inflation recorded in July.

“Year-on-year inflation for the month of August 2034 stood at 40.1%. This signals a 3.0% difference between the rate that was recorded between July 2023 and the rate that was recorded in August 2023

“Although we have recorded decreases in price levels the rate of increases in price levels have slowed down by 3.0 percentage points between the year-on-year inflation,” Government Statistician Prof. Samuel Kobina Annim said.

This is the first time in five months that inflation has dropped instead of going up.

This means that general price levels between August 2022 and August 2024 have gone up by 40.1%

In addition, prices of goods and services over the period of August 2022 and August 2023 have gone up by 40.1%

On a month-on-month basis, there was a deflation of 0.2% which means that prices of goods and services between July 2023 and August 2023 went down by 0.2%.