The inflation rate for the month of March 2023 has seen a significant decline to 45%, influenced by deflation recorded in the Food and non-alcoholic beverages group, as announced by the Government Statistician, Prof. Samuel Kobina Annim.
This latest drop is considered significant, especially in light of the high levels of inflation recorded in previous months, with inflation has declined to 52.8% in February 2023.
According to Prof. Annim, “only a few sub-groups recorded inflation during the period”, with the Western North region recording the highest rate of inflation, while the Volta region was the least.
He further explained that the decline in the rate of inflation shows that general prices have increased, but at a slower rate compared to the same period last year, adding that “this is a slowdown in the rate of inflation which means that inflation went up by 45 per cent.”
When asked about projected trends, Professor Annim hinted that the Ghana Statistical Service (GSS) would not make any projections on the rate but said that the trend may be sustained and that he is confident that the current performance of the local currency could have an indirect role in the declining rate of inflation.