Inflation in Ghana is on the rise and has now risen for three months in a row, reaching a new high of 43.1% for the month of July, up from the previous level of 42.5%.
During a presentation on August 9, 2018, Government Statistician Professor Samuel Kobina Annim presented the newly compiled data.
The inflation rate for non-food items was 33.8%, while the rate for food soared to a whopping 55.0%.
Inflation rises for the third consecutive month; hits 43.1% for July
Professor Annim emphasised the significance of combining monetary assistance with actions in the real sector while announcing the data for the Consumer Price Index (CPI) for the month of July 2023. This is a technique that may be used to combat inflation.
Inflation, which is often referred to as the silent enemy of purchasing power, has been slowly eroding the value of the Ghanaian currency and hurting the cost of goods and services throughout the country. This is because it is often referred to as the silent enemy of purchasing power.
The slight increase, from 42.5 to 43.1, will have an effect on many different facets of the economy, ranging from basic necessities to luxuries, and will ultimately have a trickle-down effect on the lives of ordinary residents.