In November 2024, Ghana’s inflation rate stood at 23.0%, marking a 0.9 percentage point increase from October 2024’s 22.1%.
This indicates that, over the past year, the general price level of goods and services has risen by 23.0%, highlighting the continuing upward pressure on the cost of living.
Food inflation recorded a significant rise of 25.9%, while non-food inflation stood at 20.7%.
Regionally, the Upper East Region experienced the highest overall inflation at 44.9%, whereas the Eastern Region had the lowest inflation rate at 18.7%.
A widening gap between inflation for locally produced and imported items was also observed.
Locally produced goods saw an inflation rate of 25.4%, substantially higher than the 17.6% inflation rate for imported goods.
On a month-to-month basis, inflation increased by 2.6% between October and November 2024, a notable rise from the 0.9% recorded in October.
Food inflation during this period was 3.8%, significantly higher than the 1.4% for non-food items.
A detailed analysis of the 307 items in the Consumer Price Index (CPI) basket revealed that 102 items recorded inflation rates higher than the overall 23.0% inflation rate.
Locally produced food items dominated this list, making up 47.1%, followed by imported non-food items, which accounted for 24.5% of the items with higher-than-average price increases.
Among the top 20 items with the highest price increases year-on-year, food items were the most affected.
The top three items were beans (89.8%), ginger (86.6%), and dried pepper (86.1%).
For items with significant weights in the CPI basket, such as large onions and yam, there were notable price increases.
Large onions saw a 61.6% year-on-year increase, while yam rose by 58.6%. On a month-to-month basis, green plantain led with a 13.2% price increase, followed by large onions at 8.7%.
Interestingly, fresh tomatoes was the only item to experience deflation in November 2024, with a 3.7% price decrease compared to the previous month.
Professor Samuel Kobina Annim, Government Statistician, emphasized that these inflation figures reflect the ongoing pressure on food prices, especially for locally produced items, and regional disparities.
The notable increases in staple foods like beans, ginger, and dried pepper highlight the challenges facing households.
However, the deflation in fresh tomatoes offers a rare reprieve amidst rising prices.
The CPI data for November 2024, collected from 57 markets and 8,337 outlets across Ghana’s 16 administrative regions, provides a detailed picture of the country’s inflation trends.
The figures underscore the need for continued monitoring of inflation, especially food prices, and offer valuable insights for policymakers and households in understanding and addressing the country’s economic challenges.
