Inflation increases marginally to 43.1% in July 2023

August 9, 2023 / Comments (0)

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Year-on-year inflation shot up marginally to 43.1% in July 2023, from 42.2% recorded in June 2023.

According to figures from the Ghana Statistical Service, the rising Food and Non-Alcoholic Beverages Inflation (55.0%) pushed the overall inflation up. This is against 54.2% recorded in June 2023.

The month-on-month food inflation was, however, 3.8%.

The Non-Food Inflation stood at 38.3% in July 2023, from 33.4 % recorded in June 2023. The month-on-month non-food inflation was, however, 3.4%

Inflation for locally produced items was 37.5%, whilst inflation for imported items was 45.7%.

Five divisions recorded inflation higher than the national average. They were Personal Care, Social Protections and Miscellaneous Goods and Services (60.5%); Furnishing, Household Equipment and Routine Household Maintenance ( 56.9%); Food and Non-Alcoholic Beverages (55.0%); Alcoholic Beverages, Tobacco and Narcotics (48.7%) and ((48.7%); and Housing, Water, Electricity, Gas and Other Fuels (47.4%).

10 food items recorded inflation higher than overall food inflation

For food inflation, Tea and Related Products (150.0%); Cocoa Drinks (86.5%); Fruits and Vegetables Juices (66.7%); Cereals and Cereal Products (64.2%); Sugar, Confectionary and Desserts (62.7%); Oil and Fats (59.5%); Milk and Other Diary Products and Eggs (58.3%); Coffee and Coffee Substitutes (58.2%); Fish and Other Sea Foods (57.7%) and Live Animals, Meat and Other Parts of Slaughtered Land Animals (55.2%); recorded year-on-year inflation higher than the overall food inflation.

Greater Accra recorded lowest inflation of 31.8%

For the regions, the North East Region recorded the highest inflation of 64.0%, while the Greater Accra Region recorded the lowest inflation of 31.8%.

The region with the highest food inflation was North East (88.6%). Ashanti region, however, registered the lowest food inflation of 43.7%.

For Non-food inflation, the Greater Accra region recorded the lowest of 23.8%, whereas the Upper East region recorded the highest of 51.2%.


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