Consumer-price index slowed for a third month in June as growth in food costs eased, according to the Ghana Statistical Service.

The rate fell to an annual 15.7 per cent from 16.3 per cent in May. The central bank cut its benchmark rate by two percentage points to 16.5 per cent on May 30, citing a favourable inflation outlook.

The government is aiming at bringing inflation down to 13.5 per cent by December,and to less than 10 per cent by 2006, Finance Minister Kwadwo Baah-Wiredu said on February 24 in his budget statement to Parliament.

?All indications are that the subsequent months could see subdued monthly growth in all the consumer indexes, relative to trends a year ago,and this should ultimately result in downward pressure on the rate of inflation,'' the central bank said in a report on June 23.

Food costs,which account for about half of the consumer price index,rose an annual 15.5 per cent in June,down from 16 per cent in May,the statistics office said.

The country is required to bring inflation down and keep its budget deficit low as part of the conditions for receiving financial aid from the International Monetary Fund.

Ghana was one of 18 countries,mainly in Africa, that will have its debt to the IMF,World Bank and African Development Bank,cancelled,finance ministers from the Group of Eight said on June 11.