Ghana’s year-on-year inflation climbed to 21.5% in September 2024, up from 20.4% in August, according to data from the Ghana Statistical Service. This marks the first increase after five consecutive months of declining inflation, primarily driven by a sharp rise in food prices.
Food inflation surged to 22.1% in September from 19.1% the previous month, outpacing the overall inflation rate. In contrast, non-food inflation slightly decreased, falling to 20.9% from 21.5% in August.
Both imported and locally produced goods contributed to the inflationary pressures. Inflation on imported items jumped to 17.0% from 6.1% in August, while domestically produced goods saw inflation rise to 23.4%, up from 22.2%.
Key sectors also experienced heightened inflation, with restaurants and accommodation services recording 27.9%, and alcoholic beverages, tobacco, and narcotics at 27.6%. The sharp rise in food prices is seen as the main driver behind the inflation increase.
