Accra, September 13th, 2023 – The year-on-year inflation rate for August 2023 saw a decrease to 40.1 percent, down from 43.1 percent in July 2023. This indicates that in August 2023, the overall price level was 40.1 percent higher than it was in August 2022.
The month-on-month inflation, comparing July and August 2023, showed a slight decrease of -0.2 percent. Professor Samuel Anim, the Government Statistician, conveyed this information during a press briefing. He revealed that the Consumer Price Index for August 2023 stood at 190.6 relative to the base index of 136.0 for August 2022.
Food inflation contributed significantly to the overall inflation rate, accounting for 51.9 percent, a slight decrease from the previous month’s food inflation of 55.0 percent. However, the month-on-month food inflation experienced a decrease of -0.3 percent, with non-food inflation at 30.9 percent. The month-on-month non-food inflation, between July 2023 and August 2023, also decreased by -0.2 percent.
Locally produced items had an inflation rate of 42.4 percent, while imported items had a slightly lower rate of 36.2 percent, reflecting a difference of 6.2 percent.
On a regional basis, the North East Region had the highest inflation rate at 60.1 percent, whereas the Greater Accra Region recorded a comparatively lower rate of 31.8 percent.
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