Ghana’s annual consumer price inflation fell to 13.2 percent in February from 13.3 percent the previous month due to a marginal decline in the price of fuel, the statistics office said on Wednesday.
The government of President Nana Akufo-Addo said this month in its first annual budget that it would reduce inflation to 11.2 percent by the end of the year as part of its drive to restore macroeconomic stability.
Food inflation rose to an annual 7.1 percent in February from 7.0 percent in January, while non-food inflation was 16.4 percent against 16.6 percent last month.
The overall February inflation rate was the lowest since Dec. 2013.
“It (the drop in the fuel price) was the main contributory factor for the change,” Baah Wadieh, acting government statistician, told a news conference.
Ghana has for years missed its end-year inflation targets and Akufo-Addo’s government says it is determined to meet its goals this year and thus restore the credibility of its economic forecasting.
The country is set to conclude next year a three-year programme with the International Monetary Fund worth $918 million. The deal is designed to restore health to national finances but so far it has missed several of its budget targets.