Ghana’s annual inflation rate fell to 4.6% in July, marking the first monthly decline since March and reversing a three-month trend of accelerating price pressures.
The slowdown follows a sharp rise to 5.3% in June, which had pushed the headline rate up from 3.7% in May, according to data from the Ghana Statistical Service.
The reversal suggests that the recent surge in food and transportation costs may be stabilizing, providing a crucial data point for policymakers assessing the domestic price environment.
The moderation in inflation comes at a critical juncture for the Bank of Ghana, which has been balancing the need to support economic growth against the risk of entrenched price increases.
The previous months saw a 1.6 percentage point jump in June, driven primarily by higher costs in essential sectors.
The July figure indicates that these pressures are easing, potentially allowing the central bank more flexibility in its upcoming policy decisions.