Inflation drops marginally to 52.8% in February 2023

Source the Ghana Report

Inflation in February 2023 has dropped to 52.8% from the 53.6% recorded in January 2023.

This is a 0.8% reduction from the January figures, which was influenced by the fall in inflation of transportation and other non-food items.

This is the second consecutive time that the rate has dropped in 20 months. In January 2023, inflation fell marginally to 53.6% from the 54.1% recorded in December 2022.

Speaking to journalists on the new rate on March 15, Government Statistician Professor Samuel Kobina Annim hinted that the reduction is a confirmation of a sustained downward trend in the rate of inflation so far this year.

Five items recorded inflation rates more than the national average of 52.8%, with transport leading with 70.3%.

Prof. Annim, however, explained that even though food was the fifth item that recorded an inflation rate higher than the national average, its weight of 43.7% meant it contributed more to the national rate. This translated into 48.1% in February 2023.

Month-on-month inflation between January 2023 and February 2023 recorded a 1.9% decrease. 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%

Leave A Comment

Your email address will not be published.

You might also like