In August 2023, inflation decreased to 40.1%, down from the July 2023 figure of 43.1%. This indicates that during August 2023, the overall price level was 40.1% higher compared to August 2022.
Additionally, food inflation also saw a decline, dropping to 51.9% in August from the previous rate of 55.0% in July.
For the first time this year, inflation for imported products was lower than that for locally produced items. Locally produced items experienced an inflation rate of 42.4%, while imported items had an inflation rate of 36.2%.
Government Statistician Professor Samuel Kobina Anim announced these statistics on September 13, Wednesday. He acknowledged the positive news of declining inflation but cautioned that it might be premature to conclude whether this trend would persist.
Inflation rate serves as a measure of how fast prices are increasing. A high inflation rate signifies a decline in people’s purchasing power as they are required to pay more for the same goods and services.