Inflation declines sharply to 45% in March
Latest inflation figures from the Ghana Statistical Service (GSS) indicate that there has been a sharp fall in inflation rates for March 2023.
Inflation for March 2023 per the data released by the GSS stands at 45%.
According to Government Statistician Prof. Samuel Kobina Annim, this decline has been primarily driven by deflation recorded by the Food and non-alcoholic beverages group.
The decrease in inflation is notable given the high levels of inflation recorded in recent months.
In February 2023, inflation declined to 52.8%, and the current rate of 45% marks a continuation of the ongoing downward trend of inflation.
Regarding regional inflation, the Western North region recorded the highest rate of inflation, while the Volta region recorded the least rate of inflation.
This suggests that there are still some regional variations in inflation rates, which may be influenced by local economic factors.
Inflation is often a key concern for policymakers and central banks, who use a range of tools to manage inflation rates and maintain economic stability. Central banks can use monetary policy, such as adjusting interest rates or adjusting the money supply, to influence inflation rates.
Fiscal policy, such as changes in government spending or taxation, can also have an impact on inflation. In addition, central banks and governments may use regulatory policies or exchange rate policies to manage inflation.
economic stability.
