Year-on-year Inflation for the month of February 2023 slowed down to 52.8%, the Ghana Statistical Service has pointed out.
This is a reduction from the January 2023 estimate of 53.6%, 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 54.1% recorded in December 2022.
Five divisions recorded inflation rates higher than the national average. They are Transport (70.3%); Furnishings, Household Equipment (69.8%); Housing, Water, Electricity, Gas and Other Fuels (69.6%); Personal care, Social Protection and Miscellaneous Services (62.5%) and Food and non-Alcoholic Beverages (59.5%).
For food inflation, Fruits and Vegetables recorded the highest inflation of 92.5%, whilst Cocoa Drinks recoded no inflation.
Whilst Food Inflation went down by 0.437% to 59.1%, Non-food Inflation remained was 47.9%.
The month-on-month inflation between January 2023 and February 2023 was 1.9%.
Also, inflation for locally produced items was 49.0%, inflation for imported items was 62.3%.
Addressing Journalists on the new rate, 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.
Prof. Annim, however, explained that even though food was the fifth item that recorded inflation rate higher than the national average, its weight of 43.7% meant it contributed more to the national rate. This translated into a 48.1% in February 2023.
Greater Accra records highest inflation
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%.
- Mobile Money transactions in only 2 months of 2023 hit ¢264.1bn
- We would all have sworn to Antoa if my dad was alive – Zanetor Rawlings
- Kamala Harris urges Ghana’s creditors to help meet debt obligation amid IMF talks
- I don’t know – Akufo-Addo on presence or otherwise of Al-Qaeda troops in Ghana
- Speculation that NDC imposed its decision on Minority Caucus is untrue – Sammy Gyamfi
- Popular American filmmaker Spike Lee is in Ghana
- T-Bills auction: sales undersubscribed by 23%; interest rates remain stable
- BoG increases policy rate to 29.5%; loans to remain expensive
- AFCON 2023Q: Osman Bukari salvages point for Black Stars against Angola
- We’re committed to helping Ghana resolve current economic crisis – China assures
- NDC’s ‘betrayal’ may have been the result of several factors – Dr. Seidu Alidu
- Taking pictures, videos of ballots was not a party directive – Murtala Mohammed
- NDC as a party did not fail Ghanaians – Kofi Adams
- There had been broad consultation, consensus to reject President’s ministerial nominees – Murtala Mohammed
- Israel Laryea is away “on loan” at Influencer Africa
- Patriotism won over partisanship – Annoh-Dompreh on approval of six ministerial nominees
- Playback: PM Express discuss NDCs betrayal
- Fight against galamsey will be won if Akufo-Addo loses power – Kwakye Ofosu
- People fail in life due to their mindset – Motivational speaker
- Become the voice of climate change reporting – Climate Change Fellows urged
- Destination Ghana Global Project announces This Is Africa Festival
- Kamala Harris features Black Sherif, Amaarae on Spotify playlist
- Kwaebibirem United FC to raise funds to support operation of the club
- 9-year-old Fotocopy makes history with two concerts in a day
- Ivy Setordjie: Drinking to a warming globe – Part 1