July 2023 inflation is 43.1%

Inflation for the month of July 2023 in Ghana increased again to 43.1%, the third consecutive monthly increase.

Delivering the CPI report for July 2023, Government Statistician Prof. Samuel Kobina Annim maintained that the main drivers of inflation for the month were food and non-food items, representing 55.0% and 33.8%, respectively.

Non-food inflation, which has been recording year-on-year decreases for the past three months, saw an increase to 33.8% from 33.4% in June 2023, while food inflation continued its upward trend, staying at 55.0% in July 2023 from 54.2% in June 2023.

Inflation in respect of imported items soared again to 45.7% in July 2023 from 44.7% in June 2023, whereas inflation of locally produced items for the month increased to 37.5% in July 2023 from 35.9% in June 2023.

According to the report, inflation attributable to food and non-alcoholic drinks decreased slightly to 54.5% from 54.7% in the previous month. Transportation made up 6.9% of the total, down from 8% in June 2023, while 11.3% went to housing, water, electricity, gas, and other fuels, showing a slight decrease from 11.9% in June 2023.

Food and non-alcoholic drinks saw an upward trend for the last three months, while transportation and housing, water, electricity, gas, and other fuels recorded a downward trend.

North East recorded the highest overall regional rate of inflation for July 2023 (64.0%), toppling Western North, which was the highest for June 2023. Greater Accra maintained the lowest year-on-year rate at 31.8%.