The yearly change in price of goods and services in the country fell marginally for June 2024 as the Statistical Service has pegged the figure at 22.8%, lower than the 23.1% inflation for May 2024.

The latest figures also reveal a slow down in the Month-on-Month inflation for June 2024, as prices of goods and services rose by 2.9% between May 2024 and June 2024 compared to the 3.2% change in price levels between April 2024 and May 2024.

Despite a slowdown in both the yearly and monthly inflation, the country still records a high level of food inflation, with the statistical service pegging food inflation for June 2024 at 24.0%, a 1.4% jump in the May 2024 food inflation of 22.6%. Monthly food inflation has equally been on an upward trajectory for the third consecutive month, rising from the 1.0% change between February 2024 and March 2024 to 5.1% between May 2024 and June 2024.

Non-food inflation on the other hand recorded a fall both on a yearly and monthly basis. Sliding down from 23.6% to 21.6% and 3.6% to 0.9% on a yearly and monthly basis respectively.

Inflation on locally produced items have remained higher than that of imported items since November 2023, with inflation for the locally produced items currently at 25.0% as against the 17.5% inflation of imported items.

Alcoholic beverages, tobacco & narcotics (32.3%), restaurant and accommodation services (30.7%), Housing water, electricity and other fuels (26.0%), and food and non-alcoholic beverages (24.0%) were the four divisions that recorded inflation rates higher than overall yearly rate.

The latest inflation data means Ghana’s half-year inflation is 12.9% despite an end year target of between 13% and 17% by the central bank.