Food Prices drive Ghana's Inflation to 21.5%, highest in months

Accra, Ghana - Ghana's inflation rate has taken an unexpected turn, increasing to 21.5% in September 2024 after a five-month downward trend.

According to government statistician, Prof. Samuel Kobina Anim, this surge is primarily driven by a rise in food inflation, which jumped to 22.1% from 19.1% in August 2024.

“This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate,” he said.

Key Inflation Trends:

- Food Inflation: 22.1% in September, up from 19.1% in August
- Non-Food Inflation: 20.9%, down from 21.5% in August
- Imported Goods: 17.0% inflation rate, up from 16.1% in August
- Locally Produced Items: 23.4% inflation rate, up from 22.2% in August

Highest Inflation Rates by Sector:

- Restaurants and Accommodation Services: 27.9%
- Alcoholic Beverages, Tobacco, and Narcotics: 27.6%
- Housing, Water, Electricity, Gas, and Other Fuels: 26.4%
- Education Services: 23.7%
- Health Services: 22.3%

The government has set an inflation target of 15% for the end of the year, but Prof. Anim warns of potential upside risks.

Source: Lead News Online

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