Ghana’s Inflation Drops to 23.2% in February 2024

Latest figures released from the Ghana Statistical Service indicate that February 2024 inflation stands at 23.2%. this represents a slight decrease of 0.3 percentage points from the previous month’s 23.5%.

Presenting the findings from the February 2024 Consumer Price Index to journalists in Accra, the Govt Statistician, Prof Samuel Kobina Annim highlighted that, while this figure still indicates an increase in the prices of goods and services over the past year, it marks a reversal from the marginal increase recorded in January.

According to him, the February 2024 inflation stands at 23.2%, showing a reversal from January’s marginal increase.

Food inflation for the month is reported at 27.0%, while non-food inflation stands at 20.0%.

“The decline in inflation is a positive signal, indicating a potential slowdown in the rate of price increases across various sectors of the economy.”

The drop in inflation is likely to be welcome news for policymakers and consumers alike, signalling a potential easing of price pressures in the Ghanaian economy.

However, it’s essential to monitor future trends to ascertain whether this decline is sustainable and whether further measures may be needed to stabilize prices effectively.

Find below the statement:

CPI_FEB_2024

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