Sunday, 21 April

Inflation resumes upward trajectory, hits 23.5%

Inflation indicator

Ghana’s inflation experienced a slight increase, rising from 23.2 to 23.5 per cent in January 2024. This marks a departure from the consecutive declines observed between July and December 2023.

The uptick in consumer prices is primarily attributed to non-food inflation drivers such as accommodation, electricity, and clothing. However, food inflation continued its downward trend during the same period.

This unexpected rise comes shortly after the Central Bank reduced its monetary policy stance by one hundred basis points, responding to the previous decline in inflation figures.

According to data released by the Ghana Statistical Service, the general price level for January 2024 was 23.5 per cent higher than in January 2023. Additionally, month-on-month inflation between December 2023 and January 2024 stood at 2.0 per cent.

Regionally, the Eastern Region recorded the highest inflation rate at 37.1%, primarily driven by food prices. Conversely, the Greater Accra Region posted the lowest inflation rate at 18%.