The annual rate of inflation for July dropped by 0.1 percentage point to 18.31 per cent, the first time since the beginning of the year. The corresponding rate for June was 18.41 per cent. The rate had persistently gone up from the beginning of the year with April and May registering the highest margin of increase of about 1.5 percentage points. Inflation had consistently risen from 13.8 per cent in March to 18.41 per cent as at the end of June, buoyed by high food and crude oil prices. Professor Nicholas Nuamah, Deputy Government Statistician, attributed the marginal decline to falling prices of food items, mostly in the rural areas. The non-food and food group contributed 10.45 and 7.86 per cent respectively. Fish, bread and cereals added more than one percentage point to the rate of inflation for July. In the non-food group are transport, clothing, restaurants and footwear. Prof Nuamah said the trend was likely to continue, barring further volatility in the global oil market. "Barring further volatility in crude oil prices, it is likely the declining trend in inflation will continue as the country enters the harvest season," he said, and added that there was the need to further study the situation to allow for informed projections. On regional inflation trend, six regions recorded inflation rates above the national rate of 18.31 per cent with Central Region recording the highest of 27.95. Greater Accra Region, Ashanti and Brong-Ahafo recorded rates below the national rate.Source: GNA