Ghana Inflation Trends: Food Prices Decline Amid Non-Food Inflation Rise
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The Ghana Statistical Service released data showing food inflation eased slightly to 3.0 per cent in August, down from 3.1 per cent in July, even as headline inflation increased to 5.0 per cent from 4.6 per cent in July. Databank forecasts a decline in inflation, attributing the moderation to improved food availability. This decline follows substantial price drops for items like tomatoes and cassava in September, linked to increased seasonal supplies.
From thearabianpost.com
Why it matters
While food inflation moderated, non-food inflation increased to 6.8 per cent, accounting for 71 per cent of the overall inflation rate. The data provides key metrics on price pressures, with fresh tomatoes having reached a year-on-year inflation rate of 158.3 per cent in August.
The Ghana Statistical Service releases official data on the country's economy.
From thearabianpost.com
Who's involved
- GhanaThe country where the inflation data and forecasts pertain.
- Ghana Statistical ServiceThe government body that compiles and publishes official economic data.
- Government of GhanaThe government agency that receives official findings and data for policy purposes.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Bank of GhanaSpeculative
The Bank of Ghana might adjust monetary policy decisions based on the CPI data regarding inflation targets.
- Government of GhanaSpeculative
The Government of Ghana could use the inflation data to inform fiscal and monetary policy decisions.
- Western RegionSpeculative
Residents in the Western Region might see lower consumer costs due to increased seasonal food supplies.
- Ashanti RegionSpeculative
Residents in the Ashanti Region might see lower consumer costs due to increased seasonal food supplies.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.Keep exploring
The entities involved
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Ghana
country in West Africa
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Ghana Statistical Service
Government body in Ghana
Related events
- Bank of Ghana manages Ghana's monetary policy, driving economic recovery through easing measures.
- The Bank of Ghana maintains its policy rate to guide inflation amid rising geopolitical tensions.
- Ghana Statistical Service provided provisional estimates on the country's economy.
- The Bureau of Labor Statistics is monitoring inflation driven by global supply chain issues, which are exacerbated by bad weather impacting key crop production in regions like Côte d’Ivoire and Ghana.
- Bank of Ghana sets official exchange rates in Ghana.