Source: newsthemegh.com
November 2023 saw a reduction in inflation to 26.4%, according to the most recent Consumer Price Index (CPI) data issued on Thursday, December 14, 2023.
This is the fourth consecutive month that inflation rates have declined.
This is a significant drop of 8.8 percentage points from the 35.2% that was reported in October 2023.
Food inflation was 32.2%, according to government statistician Professor Samuel Kobina Annim, while non-food inflation was 21.7% year over year.
After additional analysis of the data, Professor Annim found that Greater Accra had the lowest inflation rate at 19.8% and the Western area had the highest, at 39.8%.
Professor Annim provided an explanation of the 10.4 percentage point differential between food and non-food inflation rates in November 2023, stating that food inflation was 32.2% while non-food inflation was 21.7%.
It’s interesting to note that while non-food inflation decreased by a less dramatic 6.0%, food inflation recorded an astounding dip of 12.6%.
There was a 1.0 percentage point gap between imported and locally produced goods.
The inflation rate of 21.7% for imported goods was significantly greater than that of 26.1% for domestically produced goods, indicating the dominance of imported goods in the market.
The downward trend in inflation in November is thought to be a sign of improving economic conditions overall and a possible stabilization of prices.
It’s unclear if this pattern will hold up in the upcoming months and help create a more stable economic climate.