Inflation Is 53.6% – Ghana Statistical Service

Inflation Is 53.6% - Ghana Statistical Service

Ghana Statistical Service: Inflation Is 53.6 Percent The Ghana Statistical Service (GSS) reports that the annual Consumer Price Inflation (CPI) for January 2023 was 53.6 Percent.

This indicates that the overall price level was 53.6% higher in January 2023 than in January 2022.

During a press conference in Accra, government statistician Professor Samuel Kobina Annim stated, “This is the first time in 19 months the continuous upwards increase in prices of goods and services has seen a reversal with a decline of 0.5%.”

He added that between December 2022 and January 2023, inflation increased by 1.7% month-over-month.

The government statistician provided a breakdown of the contributors, stating that food inflation was 61.0 percent, up from 59.7 percent the previous month, and that food inflation was 2.8% month-over-month.

Additionally, non-food inflation decreased to 47.9% from 49.9% the month before.

Non-food inflation increased by 0.8% over the previous month.

However, Prof. Annim stated that while imports experienced 62.5 percent inflation, locally produced goods experienced 50.0 percent inflation.

The Greater Accra region had the highest regional inflation rate, at 66.7 percent, while the Volta region had the lowest regional inflation rate, at 35.6 percent.

He stated, “We have proposed a couple of policy considerations to guide policymakers on how to investigate the price changes over time.”

According to Prof. Annim’s explanation, the components used to calculate the rate of inflation all showed an increase.