Business & Finance

Inflation Takes Dip Again In February 2023

The inflation rate has dropped for the second time in 2023 per statistics from the Ghana Statistical Service (GSS).


From the 53.6% recorded in January 2023, the inflation rate now stands at 52.8%.


Until January this year, Ghana recorded a rise in Consumer Price Index (CPI) or inflation for 19 consecutive months.


This seems to be premature to a prediction by the Monetary Policy Committee during the 109 MPC meeting in November last year.


The Committee forecast that inflation will continue to increase until it peaks in the first quarter of 2023 and then settle in late 2023.


“The inflation forecast shows that in the outlook, inflation will likely peak in the first quarter of 2023 and settle at around 25 per cent by the end of 2023.”


The forecast, the Central Bank said, is conditioned on the continued maintenance of a tight monetary policy stance and the deployment of tools to contain excess liquidity in the economy.


In February 2023, the Western North region overtook the Eastern region and the Central Region respectively as the region with the highest inflation and the highest food inflation.


The Western North Region recorded an inflation rate of 63.6% and food inflation of 77.3%.


Meanwhile, the Volta region recorded the least inflation rate at 35.4%


Food inflation in February was 59.1% from 61.0% in January 2023, whereas non Food inflation remained at 47.9%.



Source: Fuseini

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