According to data released by the Ghana Statistical Service, the rate of inflation for February 2023 has dropped to 52.8%. This marks a slight decrease from the rate of 53.6% recorded in January 2023, which was the first marginal fall against a 19-month upward trend.
The Consumer Price Index for February 2023 was reported as 168.7, up from 110.4 in February 2022. Food inflation for February 2023 was 59.1%, while non-food inflation was 47.9%.
In January 2023, month-on-month inflation between December 2022 and January 2023 was 1.7%, with food inflation for January at 59.7%.
In terms of regional variations, the Eastern Region had the highest year-on-year inflation rate of 66.2%, followed closely by Greater Accra with an inflation rate of 65%.
Month-on-month food inflation was reported at 2.8%, while non-food inflation was 0.8%, with inflation for locally produced items pegged at 50.0% and inflation for imported items reported at 62.5%.
Overall, while the rate of inflation in Ghana remains high, the slight decrease in February 2023 may be a positive sign for the country’s economic outlook.
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