Ghana’s inflation for January 2023 drops marginally to hit 53.6%

The year-on-year inflation rate for January 2023 has dropped marginally to 53.6%, from the 54.1% recorded in December 2022.

This is according to latest data from the Ghana Statistical Service.

This is the first time in the last 19 months that there has been a reversal of the rate of increase for the year-on-year inflation.

The figure represents a 0.5 percentage drop relative to the rate that was recorded for December 2022.

Per the data, 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%.

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%.

Also, inflation for transport 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.

Also five divisions registered inflation higher than the national average.

These include 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%).

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