Government Statistician, Dr. Alhassan Iddrissu, has clarified that Ghana’s declining inflation rate does not mean the prices of goods and services have reduced, but rather that they are rising at a slower pace.
Speaking on the latest inflation figures, Dr. Iddrissu explained that the general price level increased by 0.1 per cent between June and July 2026, down from 0.2 per cent recorded in June. He noted that while year-on-year inflation compares current prices with those of the same period last year, month-on-month inflation reflects what consumers actually experienced over the past four weeks. “The pressure has moved off the market shelf and onto the monthly bill,” he said.
According to the Government Statistician, services inflation stood at 8.5 per cent, compared to 3.4 per cent for goods, with non-food items accounting for 67.6 per cent of July’s inflation. He said housing, water, electricity and gas recorded an inflation rate of 8.3 per cent, contributing 22.8 per cent to headline inflation, while rent alone accounted for 13 per cent. Rent, school fees, transport fares and utility charges were identified as the main drivers of rising living costs.
Dr. Iddrissu further disclosed that locally produced goods recorded an inflation rate of 5.9 per cent and contributed 86.7 per cent of July’s inflation, while imported goods rose by 2.0 per cent, accounting for 13.3 per cent. He stressed that the latest inflation trend was driven largely by domestic price movements rather than exchange rate pressures.
Story by Freedom Etsey Lavoe
