Ghana’s consumer inflation eased to 4.6% year-on-year in July from 5.3% in June, the first month it had decreased since March, data from the statistics service showed this Thursday.
Government Statistician Alhassan Iddrisu said slower food inflation was a key driver of the decrease.
Over 86% of Ghana’s inflation comes form goods and services made in the West African country, meaning domestic costs like transport and energy matter most, the statistics service said.
Inflation stood at 12.1% in July last year.
“In the space of 12 months the speed at which prices are rising has fallen by more than half,” Iddrisu told reporters.
The gold oil and cocoa-producing nation has been emerging from its most severe economic crisis in decades.
Ghana’s Finance Ministry maintained its key macroeconomic targets for the year in a mid-year budget review last month, saying an economic recovery was on track.
The central bank held its main interest rate steady for the second meeting running in July, saying vigilance was needed to ensure that inflation does not rise above its 6% to 10% target band.
–Reuters–
