Ghana's Inflation Rate Hits 23% in November
Ghana's inflation rate has risen for the third consecutive month, reaching 23% in November. This increase is largely driven by rising food prices, which have pushed food inflation to 25.9%.
According to Government Statistician, Professor Samuel Kobina Annim, the country's inflation rate has been on the rise since July, following a five-month decline. The inflation rate for November represents a 0.9 percentage point increase compared to the previous month.
The Ghana Statistical Service reports that the consumer price index for November stood at 243.9, up from 198.2 in November 2023. This translates to a 23% increase in the general price levels of goods and services over the past year.
Non-food inflation, on the other hand, dropped slightly to 20.7% from 21.5% in October. The inflation rate for November is a significant increase from the 38.11% recorded in 2023, according to the World Bank.
“Consumer price index for November 2024 stood at 243.9 relative to 198.2 that was recorded for this same period in November 2023. Given these two indices, year-on-year rate inflation for the month of November 2024 stood at 23.0%,'' he stated.
“This means that in the month of November 2024, the general price levels of goods and services went up by 23.0% higher than November 2023. General price levels of goods and services went up by 23% relative to November 2023.
“This 23.0% that has been recorded for November 2024 signifies a 0.9% increase relative to the rate that was recorded for October 2024,” he added.
Source: Florence Kyei / Lead News Online
