Inflation falls to 38.1 % in September 2023

October 11, 2023 / Comments (0)

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Inflation for the month of September 2023 fell to 38.1% from the 40.1% recorded in August 2023.

According to figures from the Ghana Statistical Service, both food and non-food inflation dropped.

Whilst food inflation declined to 49.4% from the 51.9% recorded in August 2023, non-food inflation also decreased to 29.3% from the 30.9% recorded in August 2023.

Inflation for locally produced items was estimated at a rate of 37.3% while that of imported products was 39.9%.

The month-on-month inflation between August 2023 and September 2023 was, however, 1.9%.

Government Statistician, Professor Samuel Kobina Annim, attributed the decline to the tight monetary policy measures by the Bank of Ghana.

Four divisions record inflation higher than the national average.

Four divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco and Narcotics (49.4%); Food and Non-Alcoholic Beverages (49.4%); Personal Care, Social Protection and Miscellaneous Goods and Services (49.2%) and Furnishings, Household Equipment and Routine Household Maintenance (544.9%).

Nine out of 15 Sub-Class register inflation higher than overall food inflation

For Food inflation, nine out of 15 Sub-Class registered inflation above the overall food inflation of 49.4%.

They included Tea and related products (117.1%) Cocoa (80.0%); Fish and other sea food (56.9%) and Milk, other diary products and eggs (54.0%).

Ashanti region records lowest inflation of 31.2%

At the regional level, North East recorded the highest inflation of 54.4% while Ashanti recorded the lowest inflation of 31.2%.

The Greater Accra region recorded an inflation of 33.9%.


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