According to the professor, Ghana’s true current inflation rate is 101.74%, or 1.9% higher than the “official” rate.
“Today, I measure inflation in Ghana at a staggering 101.74%/yr, ~1.9x the ‘official’ rate,” Mr Henke posted on Twitter.
Today, I measure #inflation in Ghana at a staggering 101.74%/yr, ~1.9x the "official" rate. Ghana Statistical Services just keeps producing RUBBISH. pic.twitter.com/1Joa2upQGR
— Steve Hanke (@steve_hanke) February 19, 2023
This was the first minor decline in a 19-month upward trend.
The fall was for the month of January 2023.
According to the GSS, monthly inflation was 1.7% between December 2022 and January 2023.
In addition, food inflation in January was 59.7%.
Food inflation was 2.8% month on month, while non-food inflation was 47.9% (0.563).
Non-food inflation in January was 49.9%.
Month-on-month
Non-food inflation was 0.8%, with locally produced items experiencing 50.0% inflation.
Imported goods were also subject to 62.5% inflation.
On a regional level, the Eastern Region had the highest year-on-year inflation rate of 66.2%, while Greater Accra had the lowest at 65%.