Inflation drops to 53.6% in January

Key macroeconomic indicators

Consumer inflation started off the year with a decline to 53.6 percent, marking the first time in the last 19 months that a fall in the year-on-year inflation rate has been recorded.

The inflation rate had accelerated for 19 consecutive months, ending at 54.1 percent year-on-year in December 2022, according to data from the Ghana Statistical Service (GSS).

The drop was spearheaded by a fall in non-food inflation which stood at 47.9 percent in January, down from 49.9 percent in December 2022. On the other hand, food inflation stood at 61.0 percent, up from 59.7 percent in the previous month.

On a month-on-month basis, inflation between December 2022 and January 2023 was 1.7 percent, signalling a reduction in inflationary pressures. Food inflation was at 2.8 percent, and non-food inflation was 0.8 percent.

On a regional basis, the Eastern region recorded the highest year-on-year inflation of 66.2 percent while Greater Accra followed with an inflation of 65 percent.





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