Prime News Ghana

Inflation drops to 23.2% from 26.4% in December 2023

By Vincent Ashitey
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The rate of inflation fell for the fifth consecutive month to 23.2 percent in December compared to 26.4 per cent in November, the Ghana Statistical Service has announced.

This means that in December 2023 the general price level was 23.2 percent higher than in December 2022

Key highlights from Professor Annim's presentation include a month-on-month inflation of 1.2 per cent, signalling a 0.3 percentage points downward shift between November and December 2023. Notably, the year-on-year difference between Food inflation (28.7%) and Non-food (18.7%) stands at 10.0 percentage points.

The report details a 3.5 percentage points reduction in Year-on-Year Food Inflation between November and December 2023, with Non-food inflation decreasing by 3.0 percentage points during the same period. Interestingly, Month-on-Month food inflation (1.3%) was slightly higher than non-food inflation (1.0%) in December 2023.