Ghana's Inflation Down to 20.4 Percent in August

"The slower rate of inflation in August was due to declining food and non-food inflation, coupled with the base-drift effect," said Samuel Annim, the government statistician at the GSS, during the regular monthly briefing.

Compared to July, food inflation declined 2.4 percentage points to 19.1 percent in August, while non-food inflation increased 1.0 percentage points to 21.5 percent, Annim added.

Meanwhile, inflation for locally produced and imported data-x-items stood at 22.2 percent and 16.1 percent, respectively, compared to 23.3 percent and 15.6 percent the previous month, the statistician said.

Ghana has been confronted with high inflation in recent years, reaching a record high of 54.1 percent in December 2022, alongside ballooning public debt and a constantly depreciating local currency.

On July 26, Ghana's central bank maintained its benchmark policy rate at 29 percent, pledging a vigilant monetary policy stance against high inflation.

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