Inflation rate for August 2023 drops to 40.1%

The year-on-year inflation rate for August 2023 was 40.1%, the Ghana Statistical Service (GSS) has announced.

This means that in the month of August 2023 the general price level was 40.1% higher than August 2022.

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This is the first time in five months that the rate of inflation has declined.

The year-on-year inflation rate for July 2023 was 43.1%. The figure represents a three percentage points drop.

The month-on-month inflation between July 2023 and August 2023 was -0.2%.

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Food inflation for August was 51.9% as compared with July’s food inflation at 55.0%

The month-on-month food inflation was -0.3%. Also non-food inflation was 30.9% compared with 33.8 % recorded in July. The month-on-month non-food inflation was -0.2%.

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The inflation for locally produced items was 42.4% whiles that of imported items was 36.2%.

Credit: Asaaseradio

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