Inflation drops significantly to 26.4% for Nov 2023

Year-on-year inflation has decreased for the fourth consecutive period, with a rate of 26.4% in November 2023.

Compared to the 35.2 percent reported in October 2023, this is an 8.8 percentage point reduction.

Data from the Consumer Price Index (CPI) was announced on Thursday, December 14, 2023, by the Government Statistician,  Professor Samuel Annim.

The inflation rate for food was 32.2 percent year over year, while the inflation rate for non-food items was 21.7 percent.

Greater Accra had the lowest inflation rate of 19.8%, whereas the Western region had the highest inflation rate, at 39.8%.

There was a 10.4 percentage point disparity in inflation rates between food and non-food categories in November 2023, with food inflation being 32.2% compared to 21.7%.

Also, food inflation decreased by 12.6 percent, while non-food inflation decreased to 6.0 percent, indicating a significant dip in both categories.

“From a food and non-food perspective, we saw a 10.4 percentage rate difference with food inflation of 32.2% relative to 21.7% for November 2023. The decline in food inflation was massive compared to non-food inflation, with food inflation dropping by 12.6% while non-food inflation dropped to 6.0 percent,” the government statistician said.

In November 2023, there was a 1.0 percentage point difference in inflation between locally produced and imported commodities, with imported items experiencing a higher rate of 21.7 percent.

“From the locally produced items and imported items perspective, we recorded a 1.0 percentage point as we continue to see the dominance of imported item inflation, recording a relatively higher inflation of 21.7 percent relative to locally produced items of 26.1 percent for November,” he added.

The government has targeted an average inflation rate of 29.4% by the end of 2023.