Ghana’s inflation rate for November 2024 has risen to 23%, up from 22.1% in October.
This marks the third consecutive monthly increase after a five-month decline, with the general price level of goods and services in the country climbing by 23% over the past year.
The Government Statistician, Professor Samuel Annim, attributed the rise to significant increases in food prices.
He explained, “On a month-on-month basis, food inflation surged to 3.8% in November 2024, compared to just 0.3% in October.” Food inflation rose from 22.8% to 25.9%, while non-food inflation saw a slight decrease from 21.5% to 20.7%.
Professor Annim highlighted that the sharp rise in food prices has contributed to the growing cost of living, making it increasingly difficult for Ghanaians to afford basic necessities.
Ghana’s economy continues to face substantial challenges, including a depreciating currency, rising inflation, and a growing budget deficit.
Regionally, the Upper East Region recorded the highest inflation rate at 44.9%, while the Eastern Region had the lowest at 18.7%.
Source: Ghana/Starrfm.com.gh/103.5FM/Calvin Powell
