Ghana’s inflation rate for the month of November this year declined significantly to 26.4 percent from an earlier 35.2 percent recorded in October 2023.
This is according to recent figures released by the Ghana Statistical Service (GSS) for the period which attributed the drop in the rate of increase as some prices of food items such as Vegetables, Cereals and Fish reduced on the basket.
The year-on-year food inflation stood at 32.2 percent while non-food inflation was pegged at 21.7 percent for the period.
Government Statistician, Kobina Annim also highlighted the “Base Rate Effect” as a contributor to the decline and aggressive monetary policy tightening measures adopted by the Bank of Ghana.
“From a food and non-food perspective, we saw a 10.4 percentage rate difference with food inflation of 32.2% inflation relative to 21.7% for November 2023. The decline in food inflation was massive to non-food inflation with food inflation dropping by 12.6 percent while non-food inflation dropped to 6.0 percent," he explained.
“From the locally produced items and imported items perspective, we recorded a 1.0 percentage point as we continue to see the dominance of imported items inflation recording a relatively higher inflation of 21.7 percent relative to locally produced items of 26.1 percent for November,” Prof. Annim added.
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Ghana's inflation dropped to 26.4% in November 2023