November inflation hits 23%, driven by soaring food prices

Ghana’s inflation rate for November 2024 has climbed to 23.0%, marking the third consecutive monthly rise after a five-month decline. This increase is primarily driven by a significant surge in food inflation, which rose from 22.8% to 25.9%. Non-food inflation, however, saw a slight drop from 21.5% to 20.7%.

Government Statistician, Prof. Samuel Kobina Anim announced the figures during a press briefing in Accra on Wednesday, December 4, 2024.

He highlighted that the Consumer Price Index (CPI) for November 2024 stood at 243.9, compared to 198.2 in November 2023. This means that the general price levels of goods and services have increased by 23.0% relative to the same period last year.

Prof. Anim pointed out that vegetables, tubers, and plantains were the main drivers of the increase in food inflation. He emphasized the need for a focused approach to addressing the drivers of inflation, particularly food production and supply chain issues, as part of broader economic management strategies2.

“We always draw attention to the multiplicity of factors that influence the rate of inflation. One, obviously, is the policy effect. But this policy effect always has to be looked at in the context of the real sector, monetary policies, and what is happening with production and services on the market,” he said.

The latest inflation figures indicate the ongoing challenges faced by the economy.

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