Disinflation remains on track – BoG

Domestic price developments since the last Monetary Policy Committee meeting indicate a disinflation process that remains on track, Bank of Ghana Governor Ernest Addison has said.

This was largely supported by the still-tight monetary policy stance and easing food inflation, Dr. Addison noted.

He said headline inflation has declined consistently since the last MPC meeting to 20.4 percent in August from 22.8 percent in June, and 20.9 percent in July 2024, driven mainly by food inflation.

Food inflation declined to 19.1 percent in August from 24.0 percent in June, and 21.5 percent in July, while non-food inflation dropped marginally to 21.5 percent from 21.6 percent in June 2024, Dr. Addison reported.

He said the central bank’s main core measure of inflation, which isolates prices of energy and utility items from the consumer basket, eased to 19.4 percent in August 2024 from 22.1 percent in June.