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The country’s year-on-year inflation rate for the month of March fell to 45 per cent from 52.8 per cent in February.
The represents a drop of 7.8 percentage decrease and the month-on-month inflation between February 2023 and March 2023 stood at -1.2 per cent.
This means for the third consecutive time, the country has witnessed a slowdown in the rate of inflation due to the relative stability of the local currency, the Cedi, after government secured a Staff Level Agreement with the International Monetary Fund (IMF) for balance of payment support last year.
The Government Statistician, Professor Samuel K. Annim, who disclosed this at a news conference in Accra yesterday, said the drop in food inflation influenced the drop in inflation.
He said food inflation fell to 50.8 per cent in March from 59.1 per cent in February.
The Government Statistician said soft drinks (44.4 per cent), coffee and coffee substitutes (44 per cent), fruits and nuts (35.8 per cent), cocoa drinks (34.2 per cent) and vegetables, tubers, plantains, cooking bananas and pulses (25.8 per cent) recorded inflation rates below the national average of 45 per cent.
He said fruit and vegetable juices (77.1 per cent), milk and other dairy products and eggs (73.2 per cent), tea, mate and other plant products (72.1 per cent), cereal and cereal products (68.8 per cent), water (63.9 per cent), oil and fats (56.4 per cent), among others, recorded inflation rate above the national average.
Prof. Annim said Non-food inflation also fell to 40.6 per cent in March from 47.9 per cent in February.
In the non-food division, the Government Statistician indicated that restaurants and accommodation (6.9 per cent), education (7.9 per cent), Insurance and financial services (10.5 per cent), information and communication (15.8 per cent), health (27.9 per cent), recreation and culture (32.8 per cent), clothing and footwear (38.3 per cent) and alcoholic beverages, tobacco and narcotics (41.2 per cent) also recorded inflation rates below the national average.
More so, Prof. Annim said furnishings, household equipment (67.4 per cent), housing, water, electricity, gas and other fuels (64.7 per cent), personal care, social protection and miscellaneous services (53.7 per cent), transport (52.0 per cent) and food and non-alcoholic beverages (50.8) recorded above the national average.
The Government Statistician explained that inflation for locally produced items from 49.0 in February to 41.9 per cent in March 2023, and inflation for imported items dropped from 62.3 in February 2023 to 51.6 in March 2023.
On regional inflation, Prof. Annim said Volta Region recorded the lowest rate of inflation at 25.6 per cent, followed by Ashanti at 36.5 per cent, while Western North recorded the highest rate of inflation at 67.3 per cent, followed by Bono at 51.3 per cent and Eastern Region at 51.2 per cent.
BY KINGSLEY ASARE
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