February inflation drops to 23.2%

The Ghana Statistical Service’s most recent data shows that inflation is declining, with a 23.2% number for February.

Comparing this to the 23.5 percent reported in January, there has been a 0.3 percentage point decline.

Government statistician Prof. Samuel Kobina Anim broke down the numbers during a news conference in Accra on Wednesday, stating that the 23.2% percent point suggests that prices for goods and services are rising.

“The February rate of inflation fell to 23.2 percent. This year-on-year inflation signifies that over a one-year period, prices of goods and services have gone up by 23.2 percent.

“This figure is a reversal of the marginal increase we recorded in the month of 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.”

The GSS’s Consumer Price Index data shows that inflation rates for food and non-food items were 20.0% and 27.0%, respectively.

“From a food and non-food inflation perspective, food inflation for February 2024 stood at 27.0 percent and non-food inflation for the month of February 2024 stood at 20.0 percent.”

Source: Ghanatodayonline.com