Inflation for February 2024 slowed down to 23.2% from 23.5% recorded in January 2024.
This represents a 0.3 percentage point decrease from the 23.5% recorded last month.
The key drivers for the ease in inflation were Alcoholic Beverages, Tobacco, and Narcotics as well as Restaurants and Accommodations Services.
Eastern region was once again the region with the highest rate of inflation.
During a press briefing in Accra on Wednesday, Government Statistician Prof. Samuel Kobina Anim provided a breakdown of the figures, explaining that the 23.2% indicates an increase in the prices of goods and services.
“The February rate of inflation fell to 23.2 percent. This year-on-year inflation signifies that prices of goods and services have gone up by 23.2 percent in one year.
“This figure is a reversal of the marginal increase we recorded in January 2024, when the slowdown that we have successfully recorded for the last seven months saw a marginal increase to 23.5 percent. In reverse, we have turned around this increase for January 2024 to a reverse of 23.2 percent.”
According to the Consumer Price Index data released by the GSS, food and non-food inflation stood at 27.0% and 20.0% respectively.
“From a food and non-food inflation perspective, food inflation for February 2024 stood at 27.0 percent, and non-food inflation for February 2024 stood at 20.0 percent.”