Annual Inflation rate falls sharply to 45.0 per cent in March

The year-on-year consumer inflation fell sharply in March to 45.0 per cent from 52.8 per cent in February, the Ghana Statistical Service said on Wednesday.

The 7.8 percentage point drop in the rate was due to a fall in food and non-food items.

The month-on-month inflation rate between February 2023 and March 2023 also fell by 1.2 per cent.

Professor Samuel Kobina Annim, the Government

Statistician, said it meant that in the month of March 2023, the general price level was 45.0 per cent higher than in March 2022.

The food inflation decreased to 50.8 per cent from the previous month’s food inflation of 59.1 per cent with the month-on-month food inflation at -0.9 per cent.

The non-food inflation for March 2023 decreased to 40.6 per cent from 47.9 per cent in February 2023.

The month-on-month non-food inflation was 1.5 per cent lower.

The Government Statistician said inflation for locally produced items fell to 41.9 per cent in March 2023, from 49.0 per cent in February 2023, while inflation

for imported items fell to 51.6 per cent in March 2023, from 62.3 per cent in February 2023.

The Western North region recorded the highest inflation rate of 67.3 per cent while the Volta Region has the lowest regional inflation rate of 25.6 per cent.

Source: Ghana News Agency