GSE to gain 12% return in 2023 – Report

The country’s year-on-year inflation for the month of Febru­ary slowed down to 52.8 per cent from 53.6 per cent in January, the Ghana Statistical Service has announced.

The Government Statistician, Professor Samuel K. Annim, speaking at a news conference in Accra yesterday, said the drop in inflation rate was influenced by the fall in food inflation.

Food inflation, Prof Annim said, fell to 59.1 per cent in February from 61.0 per cent in January, driven by fruits and veg­etable juices (92.5 per cent), tea, mate and other plant products (87.6 per cent) which recorded inflation rates almost twice the national average.

Non-food inflation, he said, remained the same at 47.9 per cent in February.

The Government Statistician said inflation for locally produced items fell from 50.0 per cent in January to 49.0 per cent in Febru­ary, while inflation for imported items saw a marginal decrease from 62.5 per cent in January to 62.3 per cent in February.

“Transport (70.3 per cent), Furnishing, household equipment (69.8 per cent), housing water, electricity, gas and other fuels (69.6 per cent), personal care, so­cial protection and miscellaneous services (62.5 per cent) and Food and non-alcoholic beverages (59.1 per) year-on-year recorded inflation rates above the national average of 52.8 per cent,” Prof. Annim stated.

He said restaurant and accom­modation services (9.2 per cent), insurance and financial services (11.5 per cent), education (12.4 per cent), information and com­munication (21.1 per cent), health (33.5 per cent), recreation and culture (42.0 per cent), clothing and footwear (43.8 per cent) and alcoholic, tobacco and narcotics recorded inflation rate of 44.5 below the national average of 52.8 per cent.

On regional food inflation, the Government Statistician said Volta Region recorded the lowest food inflation of 37.9 per cent, followed by Ahafo Region, 44.6 per cent, Upper East, 44. 9 per cent and Western North record­ed the highest rate with 77.3 per cent.

Prof. Annim said Volta Re­gion recorded the lowest overall rate of inflation with 35.4 per cent, followed by Ashanti, 43.3 per cent, Ahafo Region, 45.7 per cent.

He said Western North recorded the highest rate of infla­tion of 63.6 per cent, followed by Greater Accra with 60.1 per cent, Bono Region, 59.7 per cent, and Eastern Region, 57.8 per cent.

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