September 2023 inflation drops to 38.1%

Year-on-year inflation for the month of September 2023 has reduced by 2 percentage points to 38.1%, the Ghana Statistical Service (GSS) has reported.

This comes after the August 2023 inflation rate decreased by 3%, from 43.1% to 40.1%.

The GSS yet again attributed the fall to a decrease in the rate of both food and non-food inflation.

Food inflation fell to 49.4% as of September 2023 from 51.27% in August 2023, while non-food inflation decreased to 29.3% from 30.9%.

Inflation for locally produced items fell sharply to 37.3% in September 2023 from 42.5% in August 2023.

On the other hand, imported inflation rose quite appreciably from 36.2% in August 2023 to 39.9% in September 2023.

Inflation attributed to food and non-alcoholic drinks increased slightly from 55.1% in the previous month to 55.2%. Transportation also increased marginally to 7.1% from 6.9%, and housing, water, electricity, gas, and other fuels were reduced again from 10.1% to 7.7%.

The North East maintained its position as the region with the highest inflation rate for September 2023, albeit at a decreased rate (54.4%). This was followed by the Eastern (49.9%) and Western regions (47.4%). However, Greater Accra recorded the lowest regional inflation rate of 33.9%.