Inflation rate drops in February to 23.2%

The Ghana Statistical Service (GSS) has announced that inflation for February 2024 went down to 23.2% from 23.5% recorded in January 2024.

Government statistician Professor Samuel Annim said that non-food inflation declined to 20.0% in February 2024 from 20.5% in January 2024.

However, he said, food inflation went up marginally to 27.1% in February 2024 from 27.0% in January 2024.

The month-on-month inflation between January 2024 and February 2024 was 1.6%.

Inflation for locally produced items in February 2024 stood at 24.6%, while inflation for imported items was 20.1%.

Seven divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco, and Narcotics (38.5%); Restaurants and Accommodation Services (31.9%); Personal Care, Social Protection, and Miscellaneous Goods and Services (30.3%); Health (28.1%); Food and Non-Alcoholic Beverages (27.0%); Recreation, Sports, and Culture (25.6%); and Furnishings, Household Equipment, and Routine Household Maintenance (25.4%).

 

Seven out of 15 Sub-Class register inflation higher than overall food inflation

For food inflation, seven out of 15 sub-classes registered inflation above the overall food inflation rate of 27.1%.

They included cocoa drinks (66.9%); tea and related products (68.0%); vegetables, tubers, plants, cooking, bananas, and pulses (37.9%); and coffee and coffee substitutes (32.0%).