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As of July 2023, the inflation rate stood at 43.1% but dropped to 40.1 in the month of August.
Professor Samuel Kobina Annim, the government statistician, announced this during a press conference.
Statistics however also indicate a decline in food inflation from 55.0% to 51.9% in July.
Meanwhile, Non-food inflation has also witnessed a drop from 30.9% to 2.9% and a drop in imported items which is reportedly lower than that of products locally sold.
The inflation rate is a measure of the rate at which prices are rising. A high inflation rate means that people’s purchasing power is declining, as they are paying more for the same goods and services.
For the past three months, food prices have increased significantly, leading to inflation. This has been a difficult situation for both consumers and policymakers. However, there is good news as experts anticipate relief in the near future due to the ongoing harvest season of major staple crops.
The consistent rise in inflation over the past three months can be largely attributed to the escalating costs of food items, with a particular focus on cereal products and meat.
Adoanews.com
