Inflation drops to 52.8% for second consecutive month in 2023

The Ghana Statistical Service has announced a second consecutive fall in the country's inflation rate for February 2023.

According to the Service, the month recorded an annual inflation of 52.8% from an earlier 53.6% recorded in January this year.

Government Statistician, Prof Kobina Annim attributed the decline to the relative stability of the local currency in recent months and a drop in global oil prices which has helped contain costs.

“We have sustained the reversal that started last month from the upward increases in inflation. It will be recalled that in January 2023, we had had a reversal in the upward trend from 54.1 percent in December 2022 to 53.6 percent for January 2023. So we have sustain ed the reversal in the upward trend in inflation rate that we recorded in greater part of 2021 and 2022,” the Government Statistician, Prof. Samuel Kobina Annim said.

 

He made this known when he addressed journalists on March 15, 2023.

FNOQ