In a recent report released by the Government Statistician, Samuel Kobina Annim, it has been revealed that headline inflation has seen a marginal decline, dropping by 0.3% to 23.2% at the end of February 2024. This follows January’s inflation rate, which stood at 23.5%.
Announcing the figures, Annim explained that the key contributing factors to the ease in inflation for February were alcoholic beverages, tobacco, and narcotics, along with accommodation services. This signifies a reversal of the marginal increase recorded in January 2024 when the inflation rate saw a slight uptick to 23.5%.
The year-on-year inflation rate of 23.2% indicates that over a one-year period, the prices of goods and services have increased by 23.2%.
Mr. Annim said, “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.”
Food inflation slowed to 27% from 27.1% in January, while non-food price growth was 20% compared with 20.5%.
The Eastern region was once again the region with the highest rate of inflation, primarily driven by escalating food prices.
