Ghana: Inflation drops to lowest level in nearly four years in August
Latest reading: Inflation decreased to 11.5% in August from July’s 12.1%, marking the eighth consecutive fall. August’s figure represented the lowest inflation rate since October 2021. Looking at the details of the release, the deceleration was driven by moderating price pressures for food and beverages and easing price pressures for housing and utilities. Moreover, prices for clothing and footwear grew at a more subdued pace.
Accordingly, the trend pointed down, with annual average inflation falling to 19.5% in August (July: 20.3%).
Finally, consumer prices dropped 1.29% over the previous month in August, swinging from July’s 0.68% rise. August’s result marked the weakest reading since August 2019.