Inflation has dropped to 40.1% in August 2023, from 43.1% recorded in July 2023. This means that in the month of August 2023, the general price level was 40.1 percent higher than in August 2022
Food inflation also decreased to 51.9% in August, from 55.0% in July.
Inflation for imported products registered a rate lower than that of locally produced items for the first time this year.
Inflation for locally produced items was 42.4% while inflation for imported items was 36.2%
Government Statistician Professor Samuel Kobina Anim announced the figures on Wednesday, September 13. He noted that the decline in inflation was welcome news, but that it was too early to say whether it was a sustained trend.
The inflation rate is a measure of the rate at which prices are rising. A high inflation rate means that people’s purchasing power is declining, as they are paying more for the same goods and services.