Inflation Rate Eases in Ghana

July 14, 2024

(3 Minutes Read)

According to the GSS, the Consumer Price Index (CPI), which measures changes in the price of a fixed basket of goods and services purchased by households, for June 2024 was 226.4 relative to 184.4 for June 2023, indicating that year-on-year (YoY) rate of inflation for June 2024 was 22.8 percent

Ghana’s inflation rate has eased from 23.1 percent in May of this year to 22.8 percent in June. Although the figure is the lowest in over two years, food inflation which has consistently been a key challenge, especially during this seasonal period inched up upwards to 24.0 percent from the May rate of 22.6 percent.

On the other hand, non-food inflation decreased from 23.6 percent in May to 21.6 percent in the same period under review according to the latest figures released by the Ghana Statistical Service (GSS).

This means that in the month of June 2024, the general price level was 22.8 percent higher than in June 2023, while the month-on-month (MoM) inflation between May and June 2024 stood at 2.9 percent In arriving at the June rate, GSS collected prices in 57 markets. Prices were also collected from about 8,337 outlets.

It said prices are collected for approximately 47,800 products every month from 16 regions while products are ordered in a hierarchy of 13 divisions, 44 groups, 98 classes, 156 subclasses, and 307 items.

Four sectors – alcoholic beverages, tobacco. and narcotics, restaurants, accommodation services, and housing, water, and electricity – recorded inflation rates higher than the national average. The Upper East Region continues to experience the highest inflation rate at 35.2 percent, while the Oti Region boasted the lowest at 12.5 percent.