Inflation rises again to 23% in November, driven by food prices

Ghana’s inflation rate climbed to 23 percent in November 2024, reaching its highest level in six months, as food prices continued to escalate.

This marks the third consecutive monthly rise, following a period of decline earlier in the year.

The Ghana Statistical Service (GSS) attributed the increase primarily to soaring costs of staples such as vegetables, tubers, and plantains, which have pushed food inflation to 25.9 percent, up from 22.8 percent in October.

Non-food inflation, on the other hand, dipped slightly to 20.7 percent from 21.5 percent.

Addressing a news conference in Accra, Government Statistician Professor Samuel Kobina Annim explained that food inflation, with its significant weight of 42.7 percent in the consumer basket, was the dominant factor in the overall inflation rate.

On a monthly basis, food inflation rose by 3.8 percent, compared to a 1.4 percent increase in non-food inflation.

Key items such as plantains and yams saw sharp annual price increases of 61 percent and 58.7 percent, respectively, while tomatoes experienced a 3.7 percent month-on-month deflation.

Professor Annim highlighted that the consumer price index for November 2024 stood at 243.9, compared to 198.2 in November 2023, indicating a 23 percent rise in the general price levels of goods and services over the past year.

He noted the influence of multiple factors, including policy effects, production dynamics, and monetary trends, on inflation patterns.