Year-on-year inflation shot up marginally to 43.1% in July 2023, from 42.2% recorded in June 2023. This means that in the month of July 2023 the general price level was 43.1% percent higher than July 2022.
Month-no-month inflation between June 2023 and July was 3.6 percent
According to Ghana Statistical Service, the rising Food and Non-Alcoholic Beverages Inflation (55.0%) pushed the overall inflation up. But Non-Food Inflation stood at 38.3% in July 2023.
For the regions, the North East Region recorded the highest inflation of 64.0%, while the Greater Accra Region recorded the lowest inflation of 31.8%.
At a press conference today July, 9 2023, Prof. Samuel Kobina Annim, Government statistician,said the CIP measures changes in the price of a fixed basket of goods and services purchased by households.
He said the assumption is that the basket is purchased each month, hence captures price changes each month. The rate of inflation is the relative change in CPI between periods.
According to him, if the distribution process of agricultural products from each region are being managed well it will help reduce food inflation in the country especially greater Accra and Kumasi Metropolis.