Headline inflation for the month of September has declined settling at 38.1% compared to the 40.1% registered in the preceding month of August.
This favorable shift in the macroeconomic indicator was revealed by the Ghana Statistical Service, indicating that both food and non-food inflation contributed to this overall reduction.
Food Inflation recorded a modest drop, now standing at 49.4% in September, down from the 51.9% reported in August. On the other hand, Non-food Inflation witnessed a similar trend, decreasing to 29.3% from 30.9% in the preceding month.
When analyzed through the lens of locally produced versus imported items, it is revealed that locally produced goods experienced a 37.3% rate of inflation, while imported products exhibited a slightly higher inflation rate of 39.9%.
The Government Statistician, Professor Samuel Kobina Annim, attributes this encouraging decline in inflation to the proactive measures taken under the tight monetary policy enforced by the Bank of Ghana. These measures seem to have had a positive impact on inflationary pressures in the country.
At the regional level, the North East region recorded the highest inflation rate at 54.4%, underscoring the regional variations in the economic landscape. In contrast, the Ashanti region reported the lowest inflation rate at 31.2%, further emphasizing the regional disparities in price levels and inflation dynamics.
The drop in inflation is a promising sign for Ghana’s economic stability, and it reflects the impact of prudent monetary policy measures in tackling rising price levels. However, regional disparities in inflation highlight the need for tailored economic strategies to address specific challenges in different parts of the country.