Recent statistics from the Ghana Statistical Service (GSS) reveals a downturn in inflation, with the February rate reaching 23.2%.

This marks a decline of 0.3 percentage points from January's recorded rate of 23.5%.

During a press conference held in Accra on Wednesday, Government Statistician Prof. Samuel Kobina Anim provided a comprehensive breakdown of the data.

He explained that the 23.2% figure indicates an overall increase in the prices of both goods and services.

“The February rate of inflation fell to 23.2 percent. This year-on-year inflation signifies that over a one-year period, prices of goods and services have gone up by 23.2 percent.

“This figure is a reversal of the marginal increase we recorded in the month of January 2024, when the slowdown that we have successfully recorded for the last seven months saw a marginal increase to 23.5 percent. In reverse, we have turned around this increase for January 2024 to a reverse of 23.2 percent.”

According to the Consumer Price Index data released by the GSS, food inflation stands at 27.0% while non-food inflation stands at 20.0%.

“From a food and non-food inflation perspective, food inflation for February 2024 stood at 27.0 percent and non-food inflation for the month of February 2024 stood at 20.0 percent.”