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HomeWorldGhana's consumer inflation slows for third consecutive month to 22.8% in June

Ghana’s consumer inflation slows for third consecutive month to 22.8% in June

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Ghana’s consumer inflation rate (GHCPIY=ECI) slowed for the third consecutive month, dropping to 22.8% year-on-year in June from 23.1% in May, according to the country’s statistics service.

Government statistician Samuel Kobina Annim announced the figures during a news conference on Wednesday.

Annim attributed the June inflation slowdown to a significant decline in non-food inflation, which decreased to 21.6%, effectively offsetting an increase in food inflation.

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Ghana, a major producer of cocoa, gold, and oil, is striving to recover from a severe economic crisis.

The country cleared a critical hurdle in restructuring its international bonds last week as official creditors confirmed that the proposed debt rework was not excessively favorable to bondholders.

The slowdown in inflation is a positive sign for the West African nation as it continues to navigate its way out of economic turmoil.

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