Ghana’s annual inflation rate continued its decline, falling from 23.1 percent in May to 22.8 percent in June this year.
This indicates a month-on-month inflation rate of 2.9 percent between May and June 2024.
According to the latest data from the Ghana Statistical Service, consumer prices have increased at their slowest rate since March 2022.
For instance, food inflation, a significant factor, rose to 24.0 percent in June from 22.6 percent in May, showing a month-on-month inflation rate of 5.1 percent.
Conversely, non-food inflation decreased to 21.6 percent in June from 23.6 percent in May.
Furthermore, inflation for domestically produced goods reached 25.0 percent, while imported goods saw a rate of 17.5 percent.
These new figures indicate progress towards the disinflation goal the government has been pursuing since the start of the year.
This progress may prompt the Bank of Ghana to consider reducing the interest rate, which has remained steady at 29 percent following its 118th meeting in May this year.
The Monetary Policy Committee of the Bank of Ghana is scheduled to announce its next decision on July 29, 2024.