President Akufo-Addo has expressed optimism about a decline in the country's inflation rate by the end of 2023.

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He conveyed that the government is implementing measures to rejuvenate the economy and curb inflation during a meeting with the Christian Council of Ghana at the Jubilee House.

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His government is working to ensure the country ends the year with an inflation rate of 26.7 percent.

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“The signs are becoming clearer and clearer, the very high rate of inflation that we suffered last year is coming down. By the end of this year, we will be looking at 26.7 percent.”

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“By the end of next year, we will bring it down to 15. We have to go down to the single digits,” he stated.

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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).

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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.

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

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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.

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

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

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Alcoholic Beverages, Tobacco, and Narcotics at 49.4%.

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Food and Non-Alcoholic Beverages at 49.4%.

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

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

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