Ghana’s inflation rate fell to 12.1% in July, its lowest point since October 2021 and the seventh consecutive monthly decline, signaling sustained economic stabilization.
Yet beneath the headline optimism, prices crept up 0.7% month-on-month a reminder that cost pressures linger.
Food inflation cooled to 15.1%, while non-food inflation dropped to 9.5%. Imported goods saw sharper relief (10.0%) than local products (12.9%), and services inflation plummeted to 6.2%. Stark regional divides emerged: Upper West grappled with 24.8% inflation while the Central Region enjoyed just 7.7%.
Surprise drivers fueled July’s figures, from smoked herrings and yam to cinema tickets. Though electricity inflation plunged from June’s 139.3% to 39.1%, staples like ginger still posted sharp monthly jumps. The Ghana Statistical Service urged households to buy in bulk and conserve energy, advising businesses to streamline product lines and source locally.
For policymakers, the data offers cautious hope. While disinflation trends hold, the uptick in monthly prices and yam’s relentless climb demands vigilance. As Ghana balances progress against pockets of pressure, the path to lasting stability remains delicate.