Ghana’s inflation rate recorded a decline in July, falling to 4.6 percent after three consecutive months of increases, according to the latest data from the Ghana Statistical Service (GSS).

The figure represents a 0.7 percentage point reduction from the 5.3 percent recorded in June, signalling a moderation in the pace at which prices are rising across the economy.

The slowdown provides some relief to households and businesses facing persistent cost-of-living pressures, as goods and services continue to become more expensive, but at a slower rate than before.

The latest development keeps inflation within the Bank of Ghana’s medium-term target range of 6 percent plus or minus 2 percent, with analysts expecting the trend to continue if current economic conditions remain stable.

The decline was supported by lower increases in both food and non-food prices. Food inflation eased to 3.1 percent in July from 3.9 percent in June, while non-food inflation dropped slightly to 6.1 percent from 6.3 percent during the same period.

The GSS says the figures reflect a broader easing of price pressures in the economy.