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Inflation for February 2024 drops to 23.2%

Latest data from the Ghana Statistical Service has revealed a decline in inflation, with the February figure standing at 23.2%.

This represents a 0.3 percentage point decrease from the 23.5 percent recorded in January.

During a press briefing in Accra on Wednesday, Government Statistician Prof. Samuel Kobina Anim provided a breakdown of the figures, explaining that the 23.2 percent indicates an increase in the prices of goods and services.

“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.”

According to the Consumer Price Index data released by the GSS, food and non-food inflation stood at 27.0% and 20.0% 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: CNR

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