Ghana's annual inflation rate slowed again, decreasing from 23.1 percent in May to 22.8 percent in June 2024. This marks a month-on-month inflation rate of 2.9 percent over the same period. According to recent data from the Ghana Statistical Service, consumer prices showed their slowest increase since March 2022. Food inflation, a significant driver, rose to 24.0 percent in June from 22.

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6 percent in May, reflecting a month-on-month inflation rate of 5.1 percent. In contrast, non-food inflation declined to 21.6 percent in June from 23.6 percent in May. Locally produced items saw inflation of 25.0 percent, while imported items had an inflation rate of 17.5 percent. These figures indicate progress towards the government's disinflation goals for the year.

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The Bank of Ghana, which maintained its 29 percent interest rate in its 118th meeting in May, may consider a rate cut. The next decision from the Bank's Monetary Policy Committee is expected on July 29, 2024.

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