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Ghana’s Inflation Rate Drops to 45.0% in March 2023

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The latest data from the Ghana Statistical Service (GSS) reveals that inflation fell to 45.0% in March 2023, a significant decrease from the 52.8% recorded in February 2023. The CPI data released on April 12, 2023, shows that food inflation stood at 50.8%, while non-food inflation was at 40.6%

, commented on the drop in inflation, stating that the Western North region recorded the highest inflation at 67.3%, while the Volta region had the least inflation at 25.6%. He further explained that the main drivers for month-on-month food inflation were cocoa drinks, vegetables, cereal products, oil and fats, and dairy products.

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Regarding non-food inflation, the main drivers included household equipment, housing, water, electricity, gas, and other fuels, personal care, social protection, miscellaneous services, and transport. The year-on-year food price drivers included fruit and vegetables, dairy products, tea and plant infusion products, cereal products, and sugar.

Prof. Annim also shared that some food products experienced significant price changes within the month, such as groundnuts, sunflower cooking oil, chicken, goat meat, and fish. Inflation for locally produced items stood at 41.9%, while inflation for imported items was at 51.6%.

This drop in inflation is a positive development for Ghana’s economy, and policymakers are expected to build on this progress to achieve long-term stability. As Ghanaians, we must continue to monitor these trends and work towards ensuring that our economy remains strong and resilient.

Source: Ghana Statistical Service (GSS)

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