Ghana’s annual inflation rate for July declined to 11.9% from the previous month – June’s rate which was 12.1%.
According to figures on the official site of the Bank of Ghana on Wednesday, August 9, the drop in July was 0.7%, less than the 0.9% in June.
An analysis of last month’s economic performance report reveals that the further decline in Ghana’s year-on-year inflation rate resulted from a few price drivers in the market including transport, culture, recreation as well as some consumer goods.
On a more specific basis, the food and non-alcoholic beverages ended July with a year-on-year inflation of 7.2%; approximately 1% higher than that recorded in the previous month.
The highest inflation rate for that month was also recorded by the transport industry with 22% and the lowest, by utilities such as housing, water, electricity, gas, etc., recording an average of 6.2%.
The July year-on-year inflation rate on a regional basis had Greater Accra and the Upper West regions of Ghana recording the highest of 12.7%; Western and the Brong Ahafo regions -12.2% respectively and; Upper East region with the lowest rate of 8.6%.
The country’s year-on-year inflation rate has over the last six months witnessed a persistent decline, continually putting Ghana's economic outlook to local businesses and potential investors in the positive light.