Despite a decrease in overall inflation, food inflation surged in February, propelled by tomatoes, yams, and other items

The escalation in prices of essential food commodities such as Plantain and Beans (Gob3), Tomatoes, Yam, Cabbage, and Herrings (Amane) has led to a surge in the monthly food inflation figures for February 2024, despite an overall decline in inflation rates across the country for the same period.

According to data released by the Ghana Statistical Service, over the past 12 months spanning from February 2023 to February 2024, there has been a 23.2% increase in the prices of goods and services, indicating a slight decrease from the 23.5% inflation rate recorded between January 2023 and January 2024.

During this period, both food and non-food inflation rates have experienced marginal deceleration, with food inflation slowing to 27.0% and non-food inflation to 20.0%, compared to 27.1% and 20.5% respectively recorded between January 2023 and January 2024.

Furthermore, month-on-month inflation has shown a decreasing trend, as the prices of goods and services rose by 1.6% between January 2024 and February 2024, a slower pace compared to the 2.0% increase observed between December 2023 and January 2024.

However, despite the overall slowdown in monthly inflation for February, the month-on-month food inflation rate has risen from 1.6% to 2.0%. This upward trend is attributed to the escalating prices of vegetables, tubers, plantain, as well as fish and seafood, which have seen monthly inflation rates surpassing 3.0%.

Specifically, food items like Yam, Fried Plantain & Beans (Gob3), Tomatoes, and Dried Pepper (Red) have witnessed year-on-year price hikes exceeding 40%, accompanied by month-on-month price increases surpassing 3.0%.

Below is a list of items with the highest inflation in February 2024

 

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