Ghana’s inflation rate for November 2024 climbed to 23.0%, up from 22.1% in October, marking the third consecutive monthly increase after a five-month decline. The rise was primarily fueled by a surge in food prices.
Food inflation jumped significantly from 22.8% in October to 25.9% in November, while non-food inflation eased slightly from 21.5% to 20.7%.
The increase represents a 0.9 percentage point rise compared to the previous month’s year-on-year inflation rate of 22.1%.
Year-on-Year Inflation Details
Professor Samuel Kobina Anim, announcing the figures in Accra on Wednesday, December 4, explained the changes in consumer price levels.
“The Consumer Price Index (CPI) for November 2024 was 243.9, compared to 198.2 recorded in November 2023. This reflects a year-on-year inflation rate of 23.0%, indicating that general prices for goods and services were 23.0% higher in November 2024 than in the same period last year,” he stated.
He added that the 23.0% inflation rate for November signifies a 0.9% increase compared to the rate recorded in October 2024.
The uptick in inflation highlights ongoing pressures on household budgets as the cost of living continues to rise, driven by higher food prices. The government and stakeholders are expected to monitor the trend closely as they strategize to stabilize prices.
