Inflation Drops To 45%

Ghana’s inflation has for the third time in 2023 fallen.

The Ghana Statistical Service (GSS) reported a drop in the inflation rate from 52.8% in February 2023 to 45.0% in March 2023.

Currently, inflation is being driven by Furnishings, household equipment; Housing, water, electricity, gas and other fuels; Personal care, social protection, and miscellaneous services; Transport; and Food and non-alcoholic beverages. These recorded inflation rates higher than the national average.

Other driving elements included Alcoholic beverages, tobacco and narcotics; Clothing and footwear; Recreation and culture; Health; Information and communication; Insurance and financial services; Education; and Restaurant and accommodation services.

In an interview monitored by opemsuo.com, Prof Godfred Bokpin, an economist said 45% is still high compared to the 18.9% the government seeks to peg the rate by the end of the year.

Food inflation decreased to 50.8% whereas non-food inflation decreased to 40.6%.

Inflation for locally produced items was 41.9% and Inflation for imported items was 51.6%.

Regionally, the Western North region recorded the highest inflation rate, food inflation rate and non-food inflation rates at 67.3%, 81.1% and 50.8% respectively.

Prof Bokpin explained, “Actually, prices are going up but they are going up at a rate slower than the rate that it was rising in the previous month. {On the market} you will see that prices are going up but the rate at which prices are going up is slowing down than a month ago.”

He attributed the consistent reduction in the rate to stability in the exchange rates and reduction in fuel prices.

Source: opemsuo.com/Hajara Fuseini