November Inflation drops significantly To 26.4% From 35.2%

The country’s year-on-year in­flation rate fell to 26.4 per cent in November 2023 from 35.2 in Oc­tober 2023, the lowest in thirteen months, the Ghana Statistical Service (GSS) has announced.

The November 2023 infla­tion rate represents 8.8percent­age point decrease relative to the rate recorded in October 2023.

Month-on-month inflation between October 2023 (0.6 per cent) and November 2023 was 1.5 per cent.

After hitting 50.3 per cent in November last year, and peaking at 54.1 per cent in December same year, the country’s inflation rate has been falling to the cur­rent rate of 26.4 per cent.

The Government Statistician, Professor Samuel K. Annim, addressing a news conference in Accra yesterday,said the food inflation was the major contribu­tor to the drop in inflation during the period under review.

Food inflation, he said, fell by 12.6 percentage point to 32.2 per cent in November from 44.8 per cent, with month-on-month change rate of 0.8 per cent.

He said live animals, meat and other parts of slaughtered land animals (38.5 per cent), vegetables, tubers, plantains, cooking bananas and pulses (35.9 per cent), ready-made food and other products (28.2 per cent) drove the November 2023 food inflation rate.

Prof. Annim said non-food inflation fell by six percentage points to 21.7 per cent in No­vember from 27.7 per cent in Oc­tober, with a month-on-month change rate of 2.2 per cent.

He said housing, water, elec­tricity, gas and other fuels (21.5 per cent), transport (11.5 per cent) drove the November 2023 non-food inflation rate down.

Inflation for locally produced items fell to 26.1 per cent in November from 34.4 per cent in October, while inflation for imported items also declined to 27.1per cent in November from 37.0 per cent in October.

The Government Statistician said alcoholic beverages, tobacco and narcotics (39.0 per cent), personal care, social protection and miscellaneous goods and services (35.4 per cent), food and non-alcoholic beverages (32.2 per cent), furnishings, household equipment and routine household maintenance (32.2 per cent) and restaurants and accommodation services (27.1 per cent) recorded inflation rates above the national average of 26.4 per cent.

On the regional inflation, Prof. Annim said Western Region (39.8 per cent) recorded the high­est rate of inflation, and Greater Accra recorded the lowest rate of inflation.