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RADP / Pulse Ghana  >  business  >  domestic

Inflation drops from 54.1% to 53.6%

Evans Effah

Data from the Ghana Statistical Service (GSS) has shown that inflation has dropped marginally for the first time in 19 months.

Inflation decline
Inflation decline

Figures released by the GSS 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 trend 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%

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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%.

According to the figures, the rising food prices pushed the Consumer Price Index (CPI) up.

However, transport inflation fell for the first time in several months due to the reduction in fuel prices during the period. Prices of non-food items also declined during the period.

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According to the figures, five divisions registered inflation higher than the national average.

They are Furnishings, household equipment (71.7%); Housing, water, electricity, gas and other (71.1%); Transport (68.8%); Personal care, social protection and miscellaneous services (63.1%) and Food and non-alcoholic beverages (61.0%).

Food inflation inched up to 61.0% in January 2023, from 59.7% recorded in December 2022.

Non-food Inflation declined to 47.9% in January 2023, from 49.9 % recorded in December 2022.

While, inflation for locally produced items was 50.0%, inflation for imported items was 62.5%.

Evans Effah Evans Effah Evans Effah is a seasoned journalist with a passion for news journalism, communications, and public relations. With over a decade of experience in the field, he has established himself as a prominent figure in the media industry.

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