Story: Business Desk

The year-on-year inflation for the month of August 2023 has dropped to 40.1 percent from the 43.1 percent recorded in July 2033.

Food inflation witnessed a decrease to 51.9 percent from the 55.0 percent the previous month.

For the first time in the year, inflation for imported products recorded a rate lower than locally produced items with a figure of 36.2 percent and 42.4 percent respectively. 

Government Statistician, Professor Samuel Kobina Annim made the announcement at a press briefing on Wednesday, September 13, 2023.

 He noted that the decline in inflation was welcome news, but that it was too early to say whether it was a sustained trend.

The inflation rate is a measure of the rate at which prices are rising. A high inflation rate means that people’s purchasing power is declining, as they are paying more for the same goods and services.