{"id":216697,"date":"2024-09-11T15:27:58","date_gmt":"2024-09-11T15:27:58","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/11\/inflation-declines-for-sixth-straight-month-reaches-20-4-in-august\/"},"modified":"2024-09-11T15:27:58","modified_gmt":"2024-09-11T15:27:58","slug":"inflation-declines-for-sixth-straight-month-reaches-20-4-in-august","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/11\/inflation-declines-for-sixth-straight-month-reaches-20-4-in-august\/","title":{"rendered":"Inflation declines for sixth straight month, reaches 20.4% in August"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The inflation rate for August 2024 decreased to 20.4%, down from 20.9% in July, marking the sixth consecutive month of decline since March, when it was 25.8%.<\/p>\n<p>According to the government Statistician, Prof. Samuel Kobina Annim, the drop in inflation is attributed to a decline in food inflation, which fell to 19.1% in August, while non-food inflation rose to 21.5%.<\/p>\n<p>On a regional basis, the Upper East Region recorded the highest inflation rate of 27.8%, while the Northeast Region had the lowest rate of 10.1%.<\/p>\n<p>The data also showed that locally produced items had an inflation rate of 22.2%, compared to 16.1% for imported items.<\/p>\n<p>Notably, month-on-month food inflation dropped to -0.7% in August, indicating a decrease in general price levels of goods and services between July and August 2024.<\/p>\n<p>This decline, according to Prof. Annim, is a positive sign for the economy, suggesting a slowdown in price increases. However, he cautioned that prices are still rising, and efforts should be made to sustain the downward trend.<\/p>\n<p>\u201cGhana continues to experience upward changes in prices. Between August 2023 and August 2024, general price levels of goods and services went up by 20.4%. Disaggregating this from a food and non-food inflation perspective, non-food inflation was 21.5% for the month of August 2024 relative to food inflation of 19.1 for the month of August 2024.\u201d<\/p>\n<p>\u201cFrom a regional perspective, the Upper East region recorded the highest overall rate of inflation of 27.8% and the Northeast region recorded the lowest rate of inflation of 10.1%.<\/p>\n<p>\u201cDisaggregating from a locally produced item and an imported item perspective, we recorded a 6.1 percentage point difference between inflation on locally produced items, and inflation on imported items with inflation on locally produced items at 22.2% and inflation on imported items at 16.1%.\u201d<\/p>\n<p>\u201cWe see a marginal increase in inflation on imported items from 15.6% to 16.1%, a 0.5% upward difference, while we see a decline for inflation on locally produced items declining from 23.3% to 22.2%, indicating a 1.1 percentage point decline for inflation on locally produced items.<\/p>\n<p>\u201cOn a month-on-month basis, we have recorded a much more significant drop in month-on-month food inflation, dropping to negative 0.7% for the month of August 2024. This means that between July and August 2024, the general price levels of goods and services went down by 0.7%.\u201d<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the\u00a0\u00a0<span class=\"google-anno-t\">Citi Newsroom<\/span>\u00a0channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The inflation rate for August 2024 decreased to 20.4%, down from 20.9% in July, marking the sixth consecutive month of decline since March, when it was 25.8%. According to the government Statistician, Prof. Samuel Kobina Annim, the drop in inflation is attributed to a decline in food inflation, which fell to 19.1% in August, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-216697","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inflation declines for sixth straight month, reaches 20.4% in August - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/09\/11\/inflation-declines-for-sixth-straight-month-reaches-20-4-in-august\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation declines for sixth straight month, reaches 20.4% in August - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The inflation rate for August 2024 decreased to 20.4%, down from 20.9% in July, marking the sixth consecutive month of decline since March, when it was 25.8%. 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