Ghana’s inflation drops to 26.4% from 35.2% in November 2023

In November of this year, Ghana experienced a significant decrease in inflation, dropping from 35.2 percent in October to 26.4 percent. The Ghana Statistical Service attributes this decline to reduced prices of certain food items, including Vegetables, Cereals, and Fish. The year-on-year food inflation was 32.2 percent, while non-food inflation was 21.7 percent. The “Base Rate Effect” and measures taken by the Bank of Ghana also played a role in the reduction, with Government Statistician Kobina Annim highlighting a 10.4 percentage point difference between food and non-food inflation. Additionally, the decline in food inflation was substantial, dropping by 12.6 percent compared to a 6.0 percent decrease in non-food inflation. The report also notes a 1.0 percentage point difference between the inflation rates of locally produced and imported items, with imported items showing a higher inflation rate of 21.7 percent compared to locally produced items at 26.1 percent in November.