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Ghana’s inflation rate eased slightly to 20.4% in August from 20.9% in July, according to official data released by the Ghana Statistical Service on Thursday.
The marginal drop was primarily due to a reduction in food prices, which saw inflation in the sector fall to 19.1% from 21.5% the previous month, government statistician Samuel Kobina Annim said in Accra.
“The decline in food inflation was driven by falling prices in key categories, including milk, oils and fats, and fruits and nuts,” Annim said.
However, the report noted an uptick in non-food inflation, which rose to 21.5% in August from 20.5% in July. Overall, prices across all categories fell by 0.7% over the month.
August marked the fifth consecutive month of declining inflation in the West African nation, yet the rate remains well above the central bank’s medium-term target of eight percent, with an acceptable margin of two percentage points.
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