Inflation rate drops to 20.9%

The inflation rate for the month of July dropped to 20.9%, the Government Statistician Profesor Samuel Annim has announced on Wednesday August 14.

This marks the fourth consecutive month of decline in the rate.

The drop represents a 2.1 percentage point decrease from June’s 23.0%, signalling a gradual easing of the economic pressures that intensified throughout 2023.

In July, food inflation stood at 21.5%, while non-food inflation was slightly lower at 20.5%. Interestingly, the inflation rate for imported items was recorded at 15.6%, significantly lower than the 23.3% observed for locally produced goods.

This sustained decline in inflation, which began in April 2024, indicates a steady cooling of price growth.