Inflation Drops To 53.6%

Ghana’s inflation has dropped marginally for the first time in 19 months.

Figures released by the Ghana Statistical Service revealed that for the month of January 2023, inflation dropped to 53.6% from the 54.1% recorded in December 2022.

Inflation has been on an upward trajectory since May 2021.

This means that in the month of January 2023, the general price level was 53.6% higher than in January 2022. Month-on-month inflation between December 2022 and January 2023 was 1.7%.

According to the statistical service, last month’s Food inflation was 59.7%

Month-on-month food inflation was 2.8% while non-food Inflation (0.563) was 47.9%. Last month’s Non-food inflation was 49.9%.

Month-on-month Non-Food inflation was 0.8% with inflation for locally produced items pegged at 50.0%. Inflation for imported items was also 62.5%

On a regional level, the Eastern region recorded the highest year-on-year inflation of 66.2% while Greater Accra followed with an inflation of 65%.