Home General News Inflation rate drops to 23.2 percent for December 2023

Inflation rate drops to 23.2 percent for December 2023

The inflation rate has declined for the fifth consecutive month, reaching 23.2 percent in December 2023 compared to 26.4 percent in November, as reported by the Ghana Statistical Service.

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The inflation rate has declined for the fifth consecutive month, reaching 23.2 percent in December 2023 compared to 26.4 percent in November, as reported by the Ghana Statistical Service.

This indicates that in December 2023, the general price level was 23.2 percent higher than in December 2022. The month-on-month inflation between November 2023 and December 2023 was 1.2 percent.

During a press briefing, Professor Samuel Anim, the Government Statistician, stated that the Consumer Price Index for December 2023 was 200.6, relative to 162.8 for December 2022.

In terms of specific sectors, food inflation saw a decrease, standing at 28.7 percent in December compared to 32.2 percent in the previous month, with the month-on-month food inflation at 1.3 percent.

Non-food inflation also experienced a decline, reaching 18.7 percent in December compared to 21.7 percent in November. The month-on-month non-food inflation stood at 1.0 percent.

Breaking down further, inflation for imported food items was 29.1 percent, whereas locally produced items recorded a lower rate at 23.8 percent.

On a regional basis, the Eastern Region recorded the highest inflation rate of 35.2 percent, while the Greater Accra Region had the lowest inflation rate at 16.0 percent.

 

 

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