The inflation rate for August 2024 decreased to 20.4%, down from 20.9% in July, marking the sixth consecutive month of decline since March, when it was 25.8%.
According to the government statistician, Prof. Samuel Kobina Annim, the drop in inflation is attributed to a decline in food inflation, which fell to 19.1% in August, while non-food inflation rose to 21.5%.
On a regional basis, the Upper East Region recorded the highest inflation rate of 27.8%, while the Northeast Region had the lowest rate of 10.1%.
The data also showed that locally produced items had an inflation rate of 22.2%, compared to 16.1% for imported items.
Notably, month-on-month food inflation dropped to -0.7% in August, indicating a decrease in general price levels of goods and services between July and August 2024.
Ghana continues to experience upward changes in prices. Between August 2023 and August 2024, general price levels of goods and services went up by 20.4%. Disaggregating this from a food and non-food inflation perspective, non-food inflation was 21.5% for the month of August 2024 relative to food inflation of 19.1 for the month of August 2024.”
Explaining to the media about the inflation trend, Prof. Annim said it is a positive sign for the economy due to a slowdown in price increases. However, he cautioned that prices are still rising and efforts should be made to sustain the downward trend.
From a regional perspective, the Upper East region recorded the highest overall rate of inflation of 27.8% and the Northeast region recorded the lowest rate of inflation of 10.1%.

On a month-on-month basis, Ghana recorded a much more significant drop in month-on-month food inflation, dropping to negative 0.7% for the month of August 2024. This means that between July and August 2024, the general price levels of goods and services went down by 0.7%.