Prime News Ghana

Ghana's inflation rate hits 43.1% for July

By Primenewsghana
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Ghana’s inflation maintains its upward trajectory, surging for the third consecutive month and hitting a fresh peak of 43.1% in July, surpassing the previous level of 42.5%.

The new figures were announced on Wednesday, August 9, by the government Statistician Prof. Samuel Kobina Annim.

He revealed that food prices experienced a notable increase of 55.0%, while non-food items witnessed inflation at 33.8%.

READ ALSO: June inflation increases to 42.5%

During the announcement of the Consumer Price Index (CPI) data for July 2023, Professor Annim emphasized the significance of combining monetary measures with interventions in the real sector to effectively tackle the inflation issue.

Inflation, often described as the covert adversary of purchasing power, has been consistently corroding the value of the Ghanaian currency and exerting pressure on the costs of goods and services nationwide.

The slight rise from 42.5% to 43.1% will exert its influence on diverse segments of the economy, ranging from essential commodities to luxury products, consequently impacting the daily lives of ordinary citizens.