Inflation rate for January 2024 has inched up from 23.2% recorded in December 2023 to 23.5%.
This is a representation of the year-on-year rate which means that in the month of January 2024 the general price level of was 23.5% higher than the rate of January 2023.
Month-on-month inflation between December 2023 and January 2024 was 2.0%.
Giving further disaggregation of January 2024 inflation rate, the Govt Statistician Prof. Samuel Kobina Annim indicated that food inflation stood at 27.1% showing a marginal increase of 1.6% as compared to the 28.7% recorded in December 2023.
Non-food inflation stood at 20.5% which is 18.7% higher than 2.4% recorded in December 2023. Inflation for locally manufactured items stood at 24.2% while that of imported items also stood at 22.0%.
Six items recorded rates higher than the national average and these divisions are Alcoholic beverages, tobacco and narcotics which recorded a year-on-year inflation of 38.5% and month-on-month rate of 3.6% followed by Personal care, social protection and miscellaneous goods and services which also recorded a year-on-year inflation of 32.0% and month-on-month rate of 3.0%, Restaurants and accommodation services also recorded a year-on-year inflation of 29.2% and month-on-month rate of 1.8%.
Furnishings, household equipment and routine household maintenance stood at 27.7% with a month-on-month rate of 2.2%. Food and non-alcoholic beverages, health, recreation, sports and culture recorded yearly rates of 27.1%, 26.6%, 25.9% respectively with and month-on-month rates of 1.6%, 3.9%, 2.0% respectively.
Non- food inflation saw five top drivers i.e. clothing (23.9%), alcoholic beverages (39.7%), electricity, gas and other fuels (35.9%), accommodation services (37.9%) and personal care (32.8%).
Regional rates of inflation for the month were dominated by eastern region with a rate of 48.7 % while Greater Accra region recorded the least rate of 18.0%.
Ghana | Atinkaonline.com | Celestine Damoah