Inflation for March 2023 continued the downward trajectory as the rate recorded a sharp drop to 45%.

This represents a 7.8 percentage points reduction after recording 52.8% in February.

This is also the third consecutive drop in the rate in 2023 after inflation attained a two-decade high in December 2022 recording a rate of 54.1%.

According to the recent data published by the Ghana Statistical Service (GSS), the significant drop in March was mainly fueled by some deflation in the rate of some items in both the Food and Non-Alcoholic Beverages group and Non-food inflation.

The data from the GSS further revealed that Food inflation fell by 8.3% in March 2023 to 50.8%. Also, Non-food inflation fell to 40.6% in March 2023, from 47.9% in February 2023.

Five divisions recorded inflation rates higher than the national average. They are Furnishings, Household Equipment (67.4%); Housing, Water, Electricity, Gas and other Fuel (64.7%); Personal Care, Social Protection and Miscellaneous Services (53.7%); Transport (52.0%) and Food and Non-Alcoholic Beverages (50.8%).

According to Government Statistician, Professor Samuel Kobina Annim, the sharp decline in inflation corresponds to the ongoing downward trend of inflation.

“Only few sub-groups recorded inflation during the period. The Western North region recorded the highest rate of inflation whilst the Volta region was the least,” Professor Annim told the press at a news conference to publish the new data.

The Government Statistician further explained that the drop in inflation means the rate of increase in the general price level in the economy has slowed down compared to the same period last year.

“One must take note that this is a slowdown in the rate of inflation which means that inflation went up by 45%”, he said.

He again expressed his optimism that he is confident that the downward trend can be sustained going forward.