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Ghana Consumer Inflation Slows to 22.8% in June

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Ayize claire

Jul 10, 2024

Non-Food Inflation Decline Offsets Rise in Food Prices Amid Economic Recovery Efforts

Inflation rate eased for the third consecutive month

Ghana's consumer inflation rate eased for the third consecutive month, reaching 22.8% year-on-year in June, down from 23.1% in May, according to the Ghana Statistical Service (GHCPIY=ECI).

Key Factors Behind the Decline

Government Statistician Samuel Kobina Annim highlighted that the decline in June's inflation rate was primarily driven by a reduction in non-food inflation, which fell to 21.6%. This decrease effectively offset the increase in food inflation.

Economic Context

Ghana, a major producer of cocoa, gold, and oil, is striving to recover from a significant economic crisis. The country recently cleared a major obstacle in restructuring its international bonds. Official creditors confirmed that the proposed debt rework was not overly favourable to bondholders, marking a critical step in Ghana's economic recovery process.

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