Inflation Drops To 23.2% For February 2024

Prof Samuel Annim

 

The latest data from the Ghana Statistical Service (GSS) has shown a decline in the country’s inflation rate, with the figure for February standing at 23.2 percent.

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

During a press briefing in Accra on Wednesday, Government Statistician Prof. Samuel Kobina Anim provided a breakdown of the figures, explaining that the 23.2 percent indicates an 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.

Prof. Anim further highlighted that the decrease in inflation marks a reversal of the marginal increase recorded in January 2024 when the rate rose to 23.5 percent.

“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,” he explained.

Further analysis of the data revealed that food and non-food inflation stood at 27.0 percent and 20.0 percent respectively.

“From a food and non-food inflation perspective, food inflation for February 2024 stood at 27.0 percent, and non-food inflation for the month of February 2024 stood at 20.0 percent,” Prof. Anim stated.

The decline in inflation is welcome news for Ghanaians who have been grappling with high prices of goods and services. The government will likely view this as a positive sign of progress in managing the country’s economy.

While the decrease in the overall inflation rate is encouraging, food inflation remains relatively high, indicating ongoing challenges in the agriculture and food supply sectors. This may require targeted interventions to address the root causes of the increased food prices.

Experts will closely monitor future inflation data to determine whether the decline in February is an isolated occurrence or the start of a sustained trend. Policy adjustments and economic measures may be necessary to ensure a stable and favorable inflation rate in the long term.

Ghana’s economy has shown resilience in recent years, but sustaining economic growth while managing inflation will require continued efforts and effective policy implementation.

By Vincent Kubi

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