Inflation hits 23.5%

• Posted on February 15, 2024February 15, 2024
• by Nana Kwesi Coomson
• Comment

Inflation went up marginally in January 2024 to 23.5% as it resumed the upward trajectory, data from the Ghana Statistical Service has revealed.

This follows five consecutive months of decline. Inflation stood at 23.2% in December 2023.

According to the GSS, the increase in year-on-year inflation was influenced by a sharp surge in non-food items including housing, clothing and transport. Non-food inflation increased to 20.5% in January 2024 from 18.7% in December 2023.

Food inflation, however, continued to decline. It fell marginally to 27.1% in January 2024 from 28.7% in December 2023.

For the month-on-month inflation, food inflation stood at 1.6%, whilst non-food inflation was estimated at 2.4%.

Seven divisions recorded inflation rates higher than the national average.

Seven divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco and Narcotics (38.5%); Personal Care, Social Protection and Miscellaneous Goods and Services (32.0%); Restaurants and Accommodation Services (29.2%); Furnishings, Household Equipment and Routine Household Maintenance (27.7%) Food and Non-Alcoholic Beverages (27.1%); Health (26.6%) and Recreation, Sports and Culture (24.9%).

Ten out of 15 Sub-Class register inflation higher than overall food inflation

For Food inflation, 10 out of 15 Sub-Class registered inflation above the overall food inflation of 28.7%.

They included Cocoa Drinks (73.5%); Tea and related products (71.2%); Vegetables, Tubers, Plantain, Cooking, Banana and Pulses (35.8%) and Coffee and coffee substitutes (33.2%).

Eastern region records highest inflation

For the regions, the Eastern Region recorded the highest rate of inflation of 37.1% driven by food prices, whilst the Greater Accra Region registered the lowest rate of inflation of 18%.

-Joy