The year-on-year rate of inflation for January 2023 was 53.6%, latest figures from the Ghana Statistical Service (GSS) have shown.

This means that in the month of January 2023 the general level of prices was 53.6% higher than in January 2022.

This is a 0.5 percentage-point drop relative to the rate recorded for December 2022. The year-on-year inflation rate for December 2022 was 54.1%.

It is the first time in the past 19 months that there has been a reversal of the year-on-year rate of increase for inflation.

Month-on-month inflation between December 2022 and January 2023 was 1.7%.

Food inflation (up 0.437 points) was 61%, as compared with December’s rate of 59.7%. Non-food inflation (up 0.563 points) was 47.9%, compared with the figure for December of 49.9%.

Inflation on prices of locally produced items was 50% and for imported items it was 62.5%.