Inflation drops slightly to 23.2% for February 2024

Slight drops in both food and non-food inflation resulted in a reduction in the February rate of inflation from 23.5% to 23.2%, equaling the 2023 end-of-year rate.

The dip comes after the CPI index rose slightly between December 2023 and January 2024.

Food inflation fell slightly from 27.1% to 27.0%, while non-food inflation decreased from 20.5% to 20%.

Food and non-alcoholic beverages contributed 49.4% to inflation; housing, water, electricity, and gas contributed 10%; clothing and footwear contributed 7.7%. On the other hand, transport, health and insurance, and financial services contributed 1.6%, 0.9%, and 0.1%, respectively.

Tea products contributed the most to food inflation (68.0%), closely followed by cocoa drinks (66.9%), vegetables, tubers, plantains, cooking bananas, and pulses (37.9%).

In terms of regional breakdown, the Eastern Region contributed the most to food inflation (46.2%), followed by the Upper West Region (35.9%), with the Volta and Western Regions tying at 41.1%.

However, for non-food inflation, the Upper East contributed the most (42.5%), followed by Western (36.7%) and Volta (33.5%).