Inflation has dropped to 40.1% in August 2023, from 43.1% recorded in July 2023. This suggests that the overall price level in August 2023 was 40.1 percent higher than in August 2022.
Food inflation fell to 51.9% in August, down from 55.0% in July.
For the first time this year, inflation for imported goods was lower than that for domestically manufactured goods.
Inflation for domestically produced goods was 42.4%, while it was 36.2% for imported goods.
On Wednesday, September 13, Government Statistician Professor Samuel Kobina Anim released the figures. He added that while the drop in inflation was encouraging, it was too early to tell if it represented a long-term trend.
The inflation rate is a measure of how quickly prices are growing. Inflationary pressures reduce people’s buying power since they pay more for the same products and services.
