From an increase of 43.1% in July 2023, inflation has decreased to 40.1% in August 2023. Accordingly, the overall price level in August 2023 was 40.1 percent higher than it was in August 2022.

Additionally, food inflation dropped from 55.0% in July to 51.9% in August.

For the first time this year, imported goods had lower inflation than locally produced goods.

Inflation for goods made locally was 42.4%, compared to 36.2% for goods imported.

The findings were revealed on September 13 by Government Statistician Professor Samuel Kobina Anim. Though the decrease in inflation was a good development, he pointed out that it was too soon to determine whether it was a long-lasting trend.

The rate at which prices are rising is gauged by the inflation rate. When consumers are paying more for the same goods and services, their buying power is decreasing, which is the result of rising inflation.