Inflation is 52.8 %

The year-on-year inflation for February 2023 has reached 52.8 per cent.

This means that in the month of February 2023, the general price level was 52.8 per cent higher than February last year.

Government Statistician, Prof. Samuel Kobina Annim, made this known at a press briefing for the Consumer Price Index (CPI) and rate of inflation for February 2023.

The month-on-month inflation between January and February 2023 was 1.9 per cent.

Presentation the data Prof. Annim highlighted that the rate can be attributed to the reduction on food inflation which stood at 61.0 per cent last month and is currently 59.1 per cent. He also stated that non-food inflation, which remained the same from last month at 47.9 per cent, also contributed to the rate.

He added that the main drivers for the year-on-year food inflation included cocoa drinks which stood at 32.4 per cent, vegetables at 33.8 per cent, fruits and nuts at 44.1 per cent, coffee and its substitutes at 49.6 per cent, oils and fat at 50.9 per cent and soft drinks at 51.4 per cent.

“The year-on-year non-food price drivers include personal care at 62.5 per cent, housing, water and electricity at 69.6 per cent, household equipments at 69.8 per cent and transport at 70.3,” he further explained.

He also added that the month-on-month price drivers for non-food inflation saw personal care at 2.0 per cent, housing, water, and electricity at 0.4 per cent, household equipment at 2.6 per cent and transportation at 2.4 per cent.

He further shared that domestic inflation for last month was at 49.0 per cent whiles imported inflation stood at 62.3 per cent.

Samuel Kobina Annim added that the Western North region of the country recorded the highest overall inflation rate at 63.6 per cent.

“The Volta region recorded the lowest overall percentage at 35.4, with its food inflation at 37.9 per cent and non-food inflation at 33.5 per cent,” he shared.

By Abigail Atinuke Seyram Adeyemi & Nafisatu Abdul Razak

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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