The Ghana Statistical Service (GSS) has released its latest Consumer Price Index (CPI) data, revealing that the inflation rate for August 2023 stood at a significant 40.1 percent year-on-year.
This data reflects the ongoing economic challenges facing Ghana and its citizens.
The CPI for August 2023 was 190.6, compared to 136.0 for the same period in 2022. In practical terms, this means that the general price level in August 2023 was 40.1 percent higher than in August 2022, indicating a substantial increase in the cost of living for Ghanaians.
In a detailed breakdown, the GSS reported that month-on-month inflation between July 2023 and August 2023 recorded a slight decrease of -0.2 percent, providing a small respite from the continuous surge in prices.
The figures also showed that food inflation for August 2023, with an index of 0.427, was 51.9 percent, slightly lower than the previous month’s food inflation of 55.0 percent. Month-on-month food inflation for August 2023 was -0.3 percent, indicating a marginal reduction in food prices.
Non-food inflation, represented by an index of 0.573, was 30.9 percent for August 2023, compared to 33.8 percent in the previous month. Month-on-month non-food inflation decreased by -0.2 percent, suggesting a slight alleviation in the prices of non-food items.
The report also distinguished between locally produced and imported items, revealing that inflation for locally produced items was 42.4 percent, while inflation for imported items stood at 36.2 percent.
Professor Samuel Kobina Anim, the Government Statistician, announced these figures, underscoring the economic challenges that Ghana currently faces.
Rising inflation has implications for consumers, businesses, and policymakers alike, affecting purchasing power, production costs, and economic stability.
These high inflation figures indicate the urgency for comprehensive measures to curb inflationary pressures and promote economic stability. Such measures may include prudent fiscal policies, strategies to enhance agricultural production and reduce food imports, as well as boosting local industries to reduce reliance on imported goods.
The GSS data underscores the need for coordinated efforts among government authorities, the private sector, and citizens to address these economic challenges and work towards restoring stability and prosperity for the nation.
