Ghanas Inflation Eases To 204 In August As Food Prices Decline

Ghana's year-on-year inflation rate slowed slightly in August, dropping to 20.4 percent from 20.9 percent in July, according to the Ghana Statistical Service.

The marginal diminish was largely driven by a reduction in food inflation, which eased to 19.1 percent from 21.5 percent in the previous month.

The Government Statistician, Professor Samuel Kobina Annim, speaking at a news conference today in Accra, attributed the slowdown to falling prices in key food categories such as milk, oils and fats, and fruits and nuts.

While food inflation decreased, non-food inflation saw an increase, rising to 21.5% in August from 20.5percent in July. Prices across all categories fell by 0.7 percent over the month.

August marked the fifth consecutive month of declining inflation in Ghana. Despite this positive trend, inflation remains higher than the central bank's medium-term target of eight percent, with an allowable margin of two percentage points either side.graphiconline