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Inflation Drops to 22.8% but Month-on-Month was up by 2.9%

Year-on-year inflation drops but month-on-month, continues to go up, indicating price levels are going up.

Inflation in June this year dropped to 22.8% compared to 23.1% in May.

This means that while prices of goods and services increased by 23.1% in May this year compared to May 2023, they increased by a lower rate of 22.8% in June this year compared to June last year (year-on-year).

However, on a month-on-month basis, the inflation rate rose significantly by 2.9%, indicating higher prices in June compared to May 2024.

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Food inflation, which had shown a lower rate in May 2024, increased to 24% in June. Non-food inflation stood at 21.6%. The inflation rate for locally produced items was notably higher at 25%, while imported items had a lower rate of 17.5%. This highlights that locally produced items are the primary drivers of inflation.

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Regionally, the Upper East recorded the highest inflation rate at 35.2%, while the Oti region had the lowest at 12.5%. The Bono East region experienced the highest food inflation at 39.2%, with Oti region recording the lowest at 15.6%. For non-food inflation, the Upper East region had the highest rate at 39.9%, and Oti region again had the lowest at 9.7%.

Despite the marginal drop in inflation, the reduction may not be substantial enough to expect a decrease in the monetary policy rate when the Monetary Policy Committee meets later this month.

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