Inflation for August 2023 falls to 40.1%

September 13, 2023 / Comments (0)

The year-on-year inflation for the month of August 2023 fell to 40.1% from the 43.1% recorded in July 2023, the lowest in 12 months.

According to data from the Ghana Statistical Service, Food inflation witnessed a decrease to 51.9% in August 2023, from the 55.0% the previous month.

Non-Food Inflation also dropped by 2.9% to 30.9% in August 2023.

For the first time in the year, inflation for imported products recorded a rate lower than locally produced items. Whilst inflation for for locally produced items was 42.4%, inflation for imported items was 36.2%.

Five divisions record inflation higher than national average

Five divisions recorded inflation rates higher than the national average.

They are Personal Care, Social Protection and Miscellaneous Goods and Services (56.3%); Furnishings, Household Equipment and Routine Household Maintenance (52.6%); Food and Non-Alcoholic Beverages (51.9%); Alcoholic Beverages, Tobacco and Narcotics (46.4%) and Housing, Water, Electricity, Gas and Other Fuels (42.2%).

10 out of 15 Sub-Class register inflation higher than overall food inflation

For Food inflation, 10 out of 15 Sub-Class registered inflation above the overall food inflation of 51.9%.

The highest were Tea and Related Products (140.2%); Cocoa Drinks (84.4%) and Fruit and Vegetable Juices (66.7%).

Eastern region records highest inflation of 49.9%

The Eastern region recorded the highest inflation of 49.9% in August 2023 with regard to the region.

It was followed by the Western region (49.7%) and Bono region (47.1%).

The Greater Accra region recorded the lowest inflation of 31.7%. It was followed by the Ashanti region with inflation of 32.6%, whilst the Ahafo registered an inflation of 33.2%.