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Inflation drops to 45% in March

<a href="https://www.pulse.com.gh/business/local/ppi-falls-to-508-in-february-2023/k5p19d7">Inflation</a> for the month of March 2023, has dropped drastically to 45.% from 52.8% according to the latest data from the Ghana Statistical Service (GSS) released on Wednesday, April 12.
Traders at Makola Market in Accra, Ghana
Traders at Makola Market in Accra, Ghana

Per the latest data, food inflation also stood at 50.8% and Non- food inflation at 40.6%.

Government Statistician, Professor Samuel Kobina Annim during the presentation of the March report said from the regional level, the Western North recorded the highest inflation with 67.3 percent.

The Volta region recorded the least inflation at 25.6 percent.

Month-on-month inflation between February 2023 and March 2023 was -1.2%

The Consumer Price Inflation for March 2023 was 166.6 relative to 114.9 for March 2022 using the linked series.

Definition and measurement of CPI and rate of inflation:

â–ȘCPI measures changes in the price of a fixed basket of goods and services purchased by households

â–ȘThe assumption is that the basket is purchased each month, hence captures price changes each month

â–ȘThe rate of inflation is the relative change in CPI between periods â–ȘInflation is reported year-on-year (annual inflation) and month-on-month (monthly inflation), and granulated to determine regional and commodity type and source of inflation

â–ȘCPI does not measure price levels

â–ȘThe measures of CPI and inflation are based on the Consumer Price Index Manual: Concepts and Methods â–ȘData (market readings) are captured monthly

â–ȘKey variables are prices, quantities and expenditure weights of items â–ȘPrice reference year for the new series is 2021 (2021 = 100)

â–ȘPrices are collected for 47,877 products every month from 16 regions.

â–ȘPrice collection is done in 57 markets â–ȘPrices are collected from about 8,337 outlets.

â–ȘProducts are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 Items.

â–ȘEvery Item can only be part of one Subclass, and every Subclass can only be part of one Class, etc.

Disaggregation of March 2023 rate of inflation:

â–ȘFood inflation (0.437) was 50.8%

â–ȘLast month’s Food inflation was 59.1%

â–ȘMonth-on-month Food inflation was -0.9%.

â–ȘNon-food Inflation- (0.563) was 40.6%

â–ȘLast month’s Non-Food inflation was 47.9 %

â–ȘMonth-on-month Non-Food inflation was -1.5%

â–ȘInflation for locally produced items was 41.9%

â–ȘInflation for imported items was 51.6%

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