(Xinhua) -- Ghana's inflation rate increased to 31.7 percent in July, the highest since November 2003, said the Ghana Statistical Service (GSS) Wednesday.
Samuel Annim, the government statistician, said at the monthly press briefing that imported goods have become more expensive, leading to a 33.9 percent rise in the inflation rate for imported goods, compared with 30.9 percent inflation for locally produced items.
"Food inflation increased to 32.3 percent in July from 30.7 in June, and non-food inflation rate increased to 31.3 percent in July compared with 29.1 percent the previous month," said Annim.
Despite the slowdown in the pace of increase in the inflation rate in June and July, the government statistician urged caution, adding that it is early days yet to assume inflation has peaked.
Ghana's local currency has depreciated almost 30 percent between January and July as the government struggles to raise funds from the global capital market.