“Inflation Declines Further to 52.8% in February 2023”

According to the Ghana Statistical Service (GSS), the rate of inflation in February 2023 has decreased to 52.8%, a drop of 0.8 percentage points from January 2023. This is the second consecutive decrease in the national inflation rate, following a small decrease in January. The Government Statistician, Prof Samuel Kobina Annim, stated at a press conference on March 15 that “we have sustained the reversal in the upward trends in inflation that we recorded in greater part of 2021 and 2022.”

In terms of regional inflation figures, the Western North region had the highest inflation rate at 66.6% and the highest food inflation rate at 77.3%. The Volta Region recorded the lowest inflation rate at 35.4%. Food inflation was at 59.1%, slightly lower than January’s rate of 61%, while non-food inflation remained unchanged at 47.9%.

Inflation on locally produced items decreased to 49.0% from January’s rate of 50.0%, while inflation on imported items decreased to 62.3% from January’s rate of 62.5%.

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