Inflation for August 2023 drops to 40.1%

Source The Ghana Report

Inflation for the month of August 2023 has dropped to 40.1 percent from the 43.1 percent recorded in July 2023.

Food inflation decreased to 51.9 percent from 55.0 percent recorded in the previous month.

Inflation for imported products registered a rate lower than that of locally produced items for the first time this year.

Government Statistician, Professor Samuel Kobina Annim announced at a press briefing.

He explained that the figure means that in August 2023, the general price level was 40.1 percent higher than in August 2022.

Providing more details, Prof. Annim said the food inflation of 51.9 percent for August is 0.427 percent less than last month’s food inflation of 55 percent.

“Non-food inflation was 30.9 percent compared to last month’s non-food inflation of 33.8 percent”, he said.

The inflation figure for August 2023 is still high from the government’s revised figure of 31.3% at the end of the year, compared with a projection of 18.9% given when the 2023 budget was first presented in November 2022.

High inflation declines the purchasing power of people as they pay more for the same goods and services.

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