The year-on-year inflation shot up to 23% in November 2023, from 22.1% in October 2024, the Ghana Statistical Service has said.
The month-on-month inflation between October and November 2024 was 2.6%.
According to the Ghana Statistical Service, food inflation went up to 25.9% in November 2024, from 22.8% last month.
The non-food inflation however fell to 20.7% in November 2024, from 21.5%.
Whilst inflation for locally produced items was 25.4% that of imported items was 17.6%.
Three of the divisions recorded inflation rates higher than the national average.
They were Alcoholic Beverages, Tobacco and Narcotic (30%); Housing, Water, Electricity and Other Gas (29.2%) and Food and Non-Alcoholic Beverages (25.9%).
For the regions, the Upper East region recorded the highest inflation rate of 44.9% in November 2024. It was followed by the Savannah region with 34%.
Eastern (18.7%) and Volta (19.0%) regions recorded the lowest inflation rates.
The Bank of Ghana in its recent Monetary Policy Report said inflation projections show a slightly elevated profile driven by high and unstable food prices, pass-through of previous exchange rate pressures, fuel prices and utility tariff adjustments.
It pointed out that the price increases in food items have been steep in the year and together with a fast-paced depreciating currency earlier on in the year have altered the inflation trajectory and stalled the disinflation process.
“At the time of the last MPC meeting, the average inflation forecast a year ahead which stood at 19.0 percent has increased slightly to 20.1 percent at this forecast round.
The horizon for inflation to get back within the target band of 6-10 percent has slightly shifted forward to quarter 4 2025 from the original forecast period of quarter 3 2025”, it mentioned.
Source: Business Analyst