Inflation in Ghana for November 2024 climbed to 23.0%, up from 22.1% in October, driven primarily by a significant increase in food prices. This marks the third consecutive monthly rise in inflation, following a five-month period of decline earlier in the year.
Food inflation surged from 22.8% to 25.9%, while non-food inflation slightly decreased from 21.5% to 20.7%.
The November inflation rate represents a 0.9 percentage point increase over the previous month’s rate, contrasting with the 0.6% year-on-year inflation recorded in October.
Speaking in Accra on Wednesday, December 4, 2024, Prof. Samuel Kobina Anim, the Government Statistician, explained the findings:
“The consumer price index for November 2024 stood at 243.9, compared to 198.2 recorded for the same period in November 2023. Given these indices, the year-on-year inflation rate for November 2024 is 23.0%.
“This means that in November 2024, the general price levels of goods and services were 23.0% higher than in November 2023. The recorded rate for November signifies a 0.9 percentage point increase compared to October 2024.”
The upward trend in inflation, especially in food prices, has raised concerns among analysts and households alike as the cost of living continues to rise.
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