Inflation for the month of February 2024 slowed down to 23.2% from 23.5% recorded in January 2024.
According to figures from the Ghana Statistical Service, the non-food inflation declined to 20.0% in February 2024 from 20.5% in January 2024.
Food inflation however shot up marginally to 27.1% in February 2024 from 27.0% in January 2024.
The month-on-month inflation between January 2024 and February 2024 was 1.6%.
Inflation for locally produced items in February 2024 stood at 24.6%, whilst inflation for imported items was 20.1%.
Seven divisions recorded inflation rates higher than the national average.
Once again seven divisions recorded inflation rates higher than the national average.
They are Alcoholic Beverages, Tobacco and Narcotics (38.5%); Restaurants and Accommodation Services (31.9%); Personal Care, Social Protection and Miscellaneous Goods and Services (30.3%); Health (28.1%); Food and Non-Alcoholic Beverages (27.0%); Recreation, Sports and Culture (25.6%) and Furnishings, Household Equipment and Routine Household Maintenance (25.4%).
Seven out of 15 Sub-Class register inflation higher than overall food inflation
For Food inflation, seven out of 15 Sub-Class registered inflation above the overall food inflation of 27.1%.
They included Cocoa Drinks (66.9%); Tea and Related Products (68.0%); Vegetables, Tubers, Plantain, Cooking, Banana and Pulses (37.9%) and Coffee and coffee substitutes (32.0%).
Eastern region recorded highest inflation rate of 36.7%
Eastern region was once again the region with the highest rate of inflation of 36.7%.
Oti region, however, recorded the lowest rate of inflation of 13.1%.
The Greater Accra and the Ashanti regions recorded inflation rates of 13.5% and 22.2%.
Credit: Joy Business