The inflation rate for August 2023 has declined to 40.1 per cent from the 43.1 per cent recorded in July 2023.
This indicates that the year-of-year average prices of goods and services between August 2022 to August 2023 went up by 40.1 percent this represents a 3.0 percentage decrease.
Speaking at a media briefing government statistician Professor Samuel Kwabena Annim, attributed the decline in food and non-food inflation.
He says for the first time locally locally-produced items exceeded imported items at a rate of 42.4 per cent and 36.2 per cent for August.
On the regional level, the North East recorded an inflation rate higher than the national rate of 60.1%.
An Economist and Lecturer at the Garden City University in the Ashanti Region, Dr Francis Tandoh says the 40.1 per cent inflation rate for August is satisfying as compared to July which recorded a 43.1 per cent inflation.
In a related development, an Economist and Lecturer at the Garden City University College in the Ashanti Region, Dr. Francis Tandoh says the 40.1 per cent inflation rate for August is satisfying as compared to July which recorded a 43.1 per cent inflation.
He attributes the decrease in inflation to locally produced items, particularly food items. Dr. Tandoh believes the rate can be further reduced if the government pays attention to the local manufacturers.
” I think this is a bit good because if you have a previous year’s inflation of 43 and it comes to 40, it’s good news.
It tells us that maybe we are doing something okay to bring down the level of inflation in the country. Bringing inflation to 40 is very good news.
I don’t think this is surprising because August to September is when we start harvesting where food items like fish are in abundance. The food part of inflation is what is causing the reduction. If we had done things well, we should have dropped further,” Dr. Tandoh said.
Dr. Francis Tandoh urged the government to invest, support, and structure a well-tailored policy to guide the agricultural sector.
He says, if the right measures are put in place, the inflation rates will subsequently be recorded.
He continued to say “I believe that we support our farmers and have a good policy for our agriculture. If we do things right, we can have this trend go up.”
