Inflation for November 2024 has inched up to 23% from the 22.1% recorded in October, according to the Ghana Statistical Service (GSS).
The marginal increase was attributed to rising prices of some food items on the market over the past month. The data was announced at a press conference held in Accra on December 4, 2024.
Food inflation saw a decline, settling at 25.9% in November compared to 28.8% in October. Conversely, non-food inflation slightly decreased to 20.7% from the previous 21.5%, reflecting mixed trends in the price dynamics of goods and services across sectors.
Inflation for locally produced items rose to 25.4% in November, up from 24.6% in October, highlighting the impact of domestic market pressures. Meanwhile, inflation for imported items also increased to 17.6%, compared to 16.3% in October, signaling cost implications of external goods.
The GSS noted that the figures underscore the varying inflationary pressures within the economy, particularly as Ghana continues to navigate the complexities of local production and external trade influences.
The latest data offers critical insights for policymakers and businesses as they adjust strategies to mitigate inflationary effects on the economy and consumer spending during the festive season.
