Ghana’s headline inflation fell further to 11.5 percent in August, a 0.6 percentage point drop from the 12.1 percent recorded in July, according to the latest data from the Ghana Statistical Service (GSS) on Wednesday.
“This is the eighth consecutive decline in headline inflation and the lowest since Oct. 2021,” Alhassan Iddrisu, Government Statistician at the GSS, said.
Iddrisu said the sharp downward trend in inflation movement was due to lower food and non-food inflation during the month under review.
He added that all 16 administrative regions in the West African cocoa, gold, and crude oil exporting country had recorded a decline in inflation.
Compared to July, food inflation declined by 0.7 percentage points to 14.8 percent in August, while non-food inflation decreased by 0.8 percentage points to 8.7 percent.
Meanwhile, the inflation rate for locally produced and imported items stood at 12.2 percent and 9.5 percent, respectively.
Moreover, the August inflation rate has brought Ghana’s inflation within the medium-term target band of between 8.0 percent and 12 percent, achieving the 2025 end-year target of 11.9 percent ahead of schedule.