Inflation drops marginally to 52.8% in February 2023

Inflation fell for the second month in 2023 to 52.8% after a 19-month surge.

This means that in the month of February 2023, the general price level was 52.8% higher than in February 2022, representing a 0.8 percentage point lower rate of inflation compared to January 2023.

This was captured in the data released by the Ghana Statistical Service (GSS) on Wednesday, March 15 2023.

Per the data, food inflation also stood at 59.1% and Non- food inflation stood at 47.9%

Addressing the media during a press briefing, Government Statistician, Prof Samuel Kobina Annim said that the country has sustained the reversal in the upward trends in inflation that was recorded in the greater part of 2021 and 2022.

Per regional inflation figures, for the first time, Western North recorded the highest inflation rate (66.6%) as well as the highest in food inflation (77.3%), with the Volta Region recording the least rate of inflation (35.4%).

The Greater Accra region recorded the highest inflation of 60.1%, whereas the Volta region recorded the lowest rate of inflation of 35.4%.

The Ashanti region recorded an inflation of 43.3% and Western region recorded an inflation of 49.2%.

Inflation on prices of locally produced items also dropped to 49.0% compared with 50% in January 2023 and for imported items it was 62.3% compared with 62.5% in January.

Source: Citi Business News