Ghana’s inflation surge persists, extending for the third consecutive month and hitting a fresh peak of 43.1% in July, surpassing the previous rate of 42.5%.
The latest statistics were unveiled on August 9 by Prof. Samuel Kobina Annim, the government Statistician.
The data highlights a significant uptick in food prices, which soared to 55.0%. In contrast, non-food items experienced an inflation rate of 33.8%.
While revealing the Consumer Price Index (CPI) data for July 2023, Professor Annim emphasized the need to combine monetary aid with interventions in the real sector as a strategy to counteract inflation.
Inflation, often regarded as the silent adversary of purchasing power, has been gradually corroding the value of the Ghanaian currency and exerting pressure on the costs of goods and services nationwide.
The slight increase from 42.5% to 43.1% is poised to impact various segments of the economy, spanning essential necessities to luxurious indulgences, thereby influencing the daily lives of ordinary citizens.