Ghana’s year-on-year inflation dropped significantly to 26.4% in November resulting in four months of consecutive decline since August 2023.
This decline resulted in the inflation rate hitting 26.4%, the lowest figure witnessed in 20 months.
Essentially, this rate signifies that the general price level in November 2023 was 26.4% higher than in November 2022.
Looking at the month-on-month changes, there was a 1.5% increase in inflation between October 2023 and November 2023, which was higher than the 0.6% rise observed between September and October of the same year.
At a more detailed level, the inflation rates were distinct for food and non-food items.
Food inflation experienced a noticeable decrease from 44.8% in October 2023 to 32.2% in November 2023.
Despite this drop, the food inflation rate remained higher than the overall headline figure of 26.4%.
On the other hand, nonfood inflation significantly fell below the national average, declining from 27.7% in October 2023 to 21.7% in November 2023.
National and household-level issues for wider engagement
At the disaggregated level, 20 items were outlined as national and household-level issues for wider engagement.
Among these products, a staggering 11 showed inflation rates surpassing the 50% mark – All 20 items exhibited inflation figures exceeding 40%.
These identified goods or commodities represent critical elements within the economy, and their inflation rates soaring beyond the 40% mark signal widespread challenges.
The prevalence of such high inflation across these essential items signifies a broad impact on both national economic indicators and the day-to-day lives of households.
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