From 43.1% in July 2023, the inflation rate fell to 40.1% in August 2023. This indicates that the overall price level was 40.1 percent higher in August 2023 than it was in August 2022.
Moreover, food inflation dropped from 55.0% in July to 51.9% in August.
For the first time this year, the rate of inflation for imported goods was less than that for goods made domestically.
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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.
