Source: newsthemegh.com
According to the Ghana Statistical Service, the rate of inflation decreased for the fifth consecutive month in December, coming in at 23.2% as opposed to 26.4% in November.
This indicates that the overall price level was 23.2% higher in December 2023 than it was in December 2022.
One of Professor Annim’s primary points of emphasis in his presentation was the 1.2% monthly inflation rate, which indicates a 0.3 percentage point decline in inflation between November and December of 2023. Notably, there is a 10.0 percentage point differential in inflation between food (28.7%) and non-food (18.7%) from year to year.
According to the research, between November and December 2023, there was a 3.5 percentage point decline in food inflation year over year, and a 3.0 percentage point decrease in non-food inflation during the same time.
It’s interesting to note that in December 2023, month-over-month food inflation (1.3%) was marginally greater than non-food inflation (1.0%).