Inflation for February drops to 23.2%

The inflation rate for February this year has dropped to 23.2%, Government Statistician, Professor Samuel Kobina Annim has announced.

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

Speaking at a press conference in Accra on Wednesday, March 13, 2024, Professor Samuel Kobina Anim attributed the 23.2 percent inflation rate to the 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," he said.

The Government Statistician added that, “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.”

CPI measures changes in the price of a fixed basket of goods and services purchased by households.

Also, the month-on-month inflation between January 2024 and February 2024 was 1.6 percent.

Food and non-food inflation stood at 27.0% and 20.0% respectively.

SA/NOQ

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