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Ghana’s year-on-year inflation for August 2024 slowed slightly to 20.4%, down from 20.9% in July, according to the Ghana Statistical Service. This marginal decline was primarily driven by a reduction in food inflation, which decreased to 19.1% from 21.5% the previous month.
However, non-food inflation increased slightly to 21.5% in August from 20.5% in July. Inflation on imported goods also rose to 16.1% from 15.6%, while inflation on locally produced goods fell to 22.2% from 23.3%.
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Key sectors contributing to the inflation include housing, water, electricity, gas, and other fuels, which recorded a rate of 31.8%, while restaurants and accommodation services had 29.5%. Other notable sectors were alcoholic beverages, tobacco, and narcotics at 25%, education services at 22%, and health services at 20.6%.
Regionally, the Upper East recorded the highest inflation at 27.8%, while the North East had the lowest rate at 10.1%.
The government statistician, Prof. Samuel Kobina Annim, highlighted that several sectors recorded inflation rates higher than the overall 20.4% for the month.
