In September 2023, the inflation rate declined, decreasing to 38.1% from the August 2023 figure of 40.1%, according to statistics provided by the Ghana Statistical Service (GSS).

The data revealed that both food and non-food categories experienced decreases in inflation. Food inflation retreated from 51.9% in August 2023 to 49.4%, while non-food inflation also saw a decline from 30.9% to 29.3% during the same period.

Furthermore, the inflation rate for domestically produced items stood at 37.3%, while imported products carried a slightly higher inflation rate of 39.9%.

For a more short-term perspective, the month-on-month inflation between August 2023 and September 2023 was recorded at 1.9%, indicating a relatively stable inflation trend in the near future.

Professor Samuel Kobina Annim, the Government Statistician, attributed the decline in inflation to the stringent monetary policy measures implemented by the Bank of Ghana.

Four specific divisions recorded inflation rates higher than the national average, which included:

Alcoholic Beverages, Tobacco, and Narcotics at 49.4%.

Food and Non-Alcoholic Beverages at 49.4%.

Personal Care, Social Protection, and Miscellaneous Goods and Services at 49.2%.

Furnishings, Household Equipment, and Routine Household Maintenance at an unusually high 544.9%.

Within the realm of food inflation, nine out of 15 sub-classes registered inflation rates exceeding the overall food inflation rate of 49.4%. Notable categories include Tea and related products at 117.1%, Cocoa at 80.0%, Fish and other seafood at 56.9%, and Milk, other dairy products, and eggs at 54.0%.

At the regional level, the North East region recorded the highest inflation rate at 54.4%, while the Ashanti region reported the lowest at 31.2%. The Greater Accra region fell in between with an inflation rate of 33.9%.