GHANA
Ghana’s Inflation Rate Remains Above 50% for the Fourth Month in a Row
Consumer Inflation and Food Inflation for Ghana from March 2022 – February 2023 (Y/Y %)
The figure above shows that Ghanaian inflation exceeded 50% for the fourth consecutive month in February 2023, despite slowing slightly, from 53.6% to 52.8% Y/Y. This was as food inflation slowed below 60% to 59.1% and transport inflation rose from 68.8% to 70.3%. Stability in the cedi and falling global oil prices were mainly responsible for the slower rate of inflation. However, looking ahead, while inflation should continue slowing, it is likely to remain above 20% for many more months.
Data Source: Ghana Statistical Services
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