Ghana’s annual inflation rate eased for the third month to 45% in March 2023, down from 52.8% in the prior month and after reaching a more than two-decade high of 54.1% in December.

This was the lowest reading since last October, as a stronger currency was reflected in softer increases in prices of both food (50.8% vs 59.1% in February) and non-food items (40.6% vs 47.9%).

On a monthly basis, consumer prices decreased by 1.2% in March, the most since September 2012, after a 1.9% rise in the prior month.

In Ghana, the most important components in the Consumer Price Index (CPI) are food and non-alcoholic beverages (43 percent of total weight); housing and utilities (10 percent); transport (10 percent) and clothing and footwear (8 percent).

The index also includes: education (7 percent); restaurants and accommodations (5 percent); alcoholic beverages, tobacco and narcotics (4 percent); and information and communication (4 percent). Recreation, sports and culture; furniture, household equipment and maintenance; personal care, social protection and miscellaneous goods and services; health; and insurance and financial services account for the remaining 9 percent of total weight.

Credit: trading economics