Inflation rate for August declines to 40.1 per cent

The year-on-year inflation rate for August 2023 declined to 40.1 per cent from 43.1 per cent in July 2023. This means that in the month of August 2023, the general price level was 40.1 per cent higher than August 2022. The month-on-month inflation between July and August 2023 was -0.2 percent. Professor Samuel Anim, the Government Statistician at a press briefing, said the Consumer Price Index for August 2023 was 190.6 relative to 136.0 for August 2022. He said food inflation contributed 51.9 per cent to the all inflation compared to last month’s food inflation of 55.0 per cent, meanwhile the month-on-month food inflation was -0.3 per cent with non-food inflation being 30.9 per cent. The month-on-month (July 2023 – August 2023) non-food inflation was -0.2 per cent The locally produced items recorded an inflation rate of 42.4 per cent and imported items 36.2 per cent, showing a difference of 6.2 per cent. On regional Inflation basis, the North East Region recorded the highest inflation rate of 60.1 per cent with the Greater Accra Region recording 31.8 per cent.

Source: Ghana News Agency