Year-on-year Inflation for the month of February 2023 slowed down to 52.8% from 53.6% in January 2023.
This is according to latest data from the Ghana Statistical Service.
It was the second consecutive month that inflation has slowed, since reaching a more than two-decade high of 54.1% in December.
Government Statistician, Prof Kobina Annim attributed the decline to the relative stability of the local currency in recent months and a drop in global oil prices which has helped contain costs.
Five items recorded inflation rates more than the national average of 52.8%, with transport leading with 70.3%.
Prof. Annim, however, explained that even though food was the fifth item that recorded inflation rate higher than the national average, its weight of 43.7% meant it contributed more to the national rate. This translated into a 48.1% in February 2023.