Professor Samuel Kobina Annim
Inflation has fallen significantly to 45.0 percent for the month of March 2023.
The figure represents a 7.8 percentage point decrease over the 52.8 percent recorded in February 2023.
This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday April 12, 2023.
According to the data, food inflation also stood at 50.8 percent and Non- food inflation at 40.6 percent.
Commenting on the drop of inflation, the Government Statistician, Professor Samuel Kobina Annim, said from the regional level, the Western North recorded the highest inflation with 67.3 percent whiles the Volta region recorded the least inflation at 25.6 percent.
He explained that the main drivers for month-on-month food inflation include cocoa drinks at 5.6 per cent, vegetables at 0.1 per cent, cereal products at -0.3 per cent, oil and fats at -0.4 per cent, and dairy products at 10.7 per cent.
“The main drivers for month-on-month non-food inflation include household equipments which are at 1.2 per cent, housing, water, electricity, gas, and other fuels at -10.5, personal care, social protection, and miscellaneous services at 4.5, and transport at -12.7,” he added.
The year-on-year food price drivers also include fruit and vegetables which stood at 77.1 per cent, dairy products at 73.2 per cent, tea and plant infusion products at 72.1 per cent, cereal products at 68.8 per cent and sugar at 65.8 per cent.
Samuel Kobina Annim also explained that some food products have experienced significant price changes within the month such as groundnuts which experienced a 1.8 per cent change, sunflower cooking oil with a price change of -3.6 per cent, chicken with a 0.2 per cent price change, goat meat with a change of 1.9 per cent and fish with a -3.5 per cent change in price.
He further shared that inflation for locally produced items for last month stood at 41.9 per cent while inflation for imported items was at 51.6 per cent.
By Abigail Seyram Atinuke Adeyemi