Ghana’s Inflation Rate Declines in February to 23.2%
In what may be seen as a ray of hope, Ghana’s inflation rate declined in February 2024.
According to the latest figures released by the Ghana Statistical Service (GSS), the inflation rate for February 2024 has declined to 23.2%, a modest but notable reduction from the 23.5% recorded in January.
During a press briefing held in Accra, government statistician Prof. Samuel Kobina Anim shed light on the new data, emphasising the significance of the decrease.
Ghana’s February inflation rate decreased by 23.2%, which signifies that, over the past year, the prices of goods and services in the country have increased by this percentage.
This decline, albeit small, is an important indicator of the ongoing efforts to stabilize the economy and curb the soaring cost of living affecting Ghanaians.
Prof. Anim further elaborated on the change from January to February, highlighting it as a reversal of the slight uptick observed at the beginning of the year.
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“This figure is a reversal of the marginal increase we recorded in the month of January 2024,” he stated, pointing out the significance of turning around the January increase to 23.2% in February.
The breakdown of the inflation figures into food and non-food categories provides a deeper insight into the dynamics at play.
Food inflation stood at a concerning 27.0% in February, underscoring the pressures on food prices and their impact on overall inflation.
Meanwhile, non-food inflation was reported at 20.0%, indicating variances in inflationary pressures across different sectors.
This latest inflation report from the GSS offers a mixed bag of insights. On one hand, the slight decrease in the overall inflation rate provides a glimmer of hope for the Ghanaian economy, suggesting that measures to control inflation may be beginning to bear fruit.
On the other hand, the high rate of food inflation remains a pressing concern, highlighting the need for continued efforts to address the factors driving up food prices and to implement policies that can help ease the cost of living for Ghanaians.
As Ghana navigates through these challenging economic times, the focus remains on finding sustainable solutions to stabilize the economy, reduce inflationary pressures, and ultimately improve the livelihoods of its citizens.
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