Business Economy

Inflation rate for July 2024 declines to 20.9%

This is the fourth consecutive time that the inflation rate has dropped this year

Joseph Appiah-Dolphyne August 14, 2024

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The year-on-year rate of inflation for July 2024 has declined to 20.9% from the 22.8% recorded in June this year.

This represents a decline of 1.9 percentage points from that of June which was at 22.8%.

This is the fourth consecutive time that the inflation rate has dropped this year.

Addressing a news conference on Wednesday (14 August), the Government Statistician, Samuel Kobina Annim said the decline was the result of a fall in both food and non-food inflation.

Food inflation declined to 21.5% from 24.0% in June 2024, while non-food inflation also fell to 20.5%.

Inflation on imported items also dropped to 15.6% from 17.5% recorded in June 2024.

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