Ghana's Inflation Inches Up to 23.5%

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In January 2024, the inflation rate in Ghana crept up to 23.5%, marking a slight increase and a return to its upward trend, as evidenced by data released by the Ghana Statistical Service (GSS). This uptick follows a streak of five months where inflation had been on the decline, with December 2023 seeing a rate of 23.2%.

Factors Driving Inflation
The GSS highlights that the rise in year-on-year inflation was mainly driven by a notable uptick in non-food items such as housing, clothing, and transport. Non-food inflation saw a rise to 20.5% in January 2024 from 18.7% in December 2023. Conversely, food inflation continued its descent, dropping marginally to 27.1% in January 2024 from 28.7% in the preceding month.

Month-on-Month Comparison
Looking at month-on-month figures, food inflation reached 1.6%, while non-food inflation was estimated at 2.4%. Notably, seven divisions recorded inflation rates surpassing the national average.

Divisions with Higher Inflation Rates

1. Alcoholic Beverages, Tobacco and Narcotics: 38.5%
2. Personal Care, Social Protection, and Miscellaneous Goods and Services: 32.0%
3. Restaurants and Accommodation Services: 29.2%
4. Furnishings, Household Equipment, and Routine Household Maintenance: 27.7%
5. Food and Non-Alcoholic Beverages: 27.1%
6. Health: 26.6%
7. Recreation, Sports, and Culture: 24.9%


High Inflation Sub-Classes
Subsequently, ten out of fifteen sub-classes registered inflation rates higher than the overall food inflation rate of 28.7%. Notable sub-classes include Cocoa Drinks (73.5%), Tea and related products (71.2%), and Vegetables, Tubers, Plantain, Cooking, Banana, and Pulses (35.8%).


Regional Variations
When examining regional disparities, the Eastern Region recorded the highest inflation rate at 37.1%, primarily influenced by food prices. In contrast, the Greater Accra Region showed the lowest inflation rate at 18%.



This comprehensive overview provides insights into the nuanced dynamics contributing to Ghana's inflation landscape in January 2024.

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