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Ghana Inflation February 2024

Ghana: Inflation falls to over one-year low in February

Inflation fell to 23.2% in February, down from January’s 23.5%. February’s figure represented the lowest inflation rate since March 2022. Although inflation slowed more than markets had anticipated, it was still more than double the upper bound of the Bank of Ghana’s 6.0–10.0% target band. Looking at the details of the release, the softer rise was largely due to slower growth in prices for food and beverages. In addition, price pressures for transport moderated.

Accordingly, the trend pointed down, with annual average inflation falling to 34.3% in February (January: 36.7%).

Lastly, consumer prices rose a seasonally adjusted 1.58% in February over the previous month, below January’s 2.00% increase.

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