In December 2024, Ghana’s inflation rate increased slightly to 23.8 percent from 23 percent in November, surpassing the Bank of Ghana’s revised year-end target of 20 percent. The rise in inflation was mainly driven by higher prices of certain food items during the past month.

Food inflation rose to 27.8 percent in December, compared to 25.9 percent in November, while non-food inflation decreased to 20.3 percent from 20.7 percent over the same period.

For locally produced goods, inflation climbed to 26.4 percent in December, up from 25.4 percent in November. Imported goods also experienced a slight increase in inflation, reaching 17.9 percent in December from 17.6 percent the previous month.

Among specific categories, alcoholic beverages, tobacco, and narcotics saw an inflation rate of 28.4 percent. The food and non-alcoholic beverages category recorded 27.8 percent inflation, while the housing, water, electricity, gas, and other fuels category had an inflation rate of 26.3 percent. These rates exceeded the national average inflation rate.

Regionally, the Upper East region had the highest inflation rate at 40.6 percent, while the Eastern region recorded the lowest at 16.8 percent.

Source: TheDotNews