The latest data from the Ghana Statistical Service reveals that the country’s inflation has experienced a marginal increase in January 2024, reaching 23.5 percent (25.5%). This marks a departure from the trend observed over the past five consecutive months, during which inflation had steadily declined.
Government Statistician Samuel Kobina Annim made the announcement on Wednesday, February 14, where he emphasized on the fact that the annual inflation rate had increased from 23.2 percent in December 2023.
The increase in year-on-year inflation was primarily attributed to a significant surge in non-food items, including housing, clothing, and transport. Non-food inflation rose to 20.5 percent (20.5%) in January 2024, up from 18.7 percent (18.7%) in December 2023.
However, the trajectory for food inflation continued to decline, albeit modestly, decreasing to 27.1 percent (27.1%) in January 2024 from 28.7 percent (28.7%) in December 2023.
Breaking down the month-on-month inflation rates, food inflation stood at 1.6 percent (1.6%), while non-food inflation was estimated at 2.4 percent (2.4%).
He also revealed that seven divisions reported inflation rates surpassing the national average, with notable sectors including Alcoholic Beverages, Tobacco, and Narcotics (38.5%); Personal Care, Social Protection, and Miscellaneous Goods and Services (32.0%); and Restaurants and Accommodation Services (29.2%).
Regarding food inflation, ten out of fifteen Sub-Classes registered inflation rates exceeding the overall food inflation of 28.7 percent, with Cocoa Drinks (73.5 percent) and Tea and related products (71.2 percent) among those recording the highest rates.
On a regional level, the Eastern Region reported the highest inflation rate at 37.1 percent, primarily driven by escalating food prices. In contrast, the Greater Accra Region documented the lowest inflation rate at 18 percent.
