Domestic price developments since the last Monetary Policy Committee 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 to 20.4 per cent in August from 22.8 per cent in June, and 20.9 per cent in July 2024, driven mainly by food inflation.

Food inflation declined to 19.1 per cent in August from 24.0 per cent in June, and 21.5 per cent in July, while non-food inflation dropped marginally to 21.5 per cent from 21.6 per cent 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 per cent in August 2024 from 22.1 per cent in June.