Ghana’s annual inflation rate increased to 23 percent in November, indicating a 0.9 percentage-point rise from 22.1 percent in October, the Ghana Statistical Service (GSS) said Wednesday.
“Consumer price index for Nov. 2024 stood at 243.9 relative to the 198.2 recorded for this same period in November 2023, indicating a year-on-year inflation rate of 23.0 percent,” Samuel Kobinna Annim, the government statistician at the GSS, said during a monthly briefing.
Annim added that the main driver of the higher inflation for the month of November is food inflation.
Compared to October, food inflation climbed 3.1 percentage points to 25.9 percent in November, while non-food inflation declined by 0.8 percentage points to 20.7 percent.
Meanwhile, the inflation rate for locally produced and imported items stood at 25.4 percent and 17.6 percent, respectively, the statistician added. Late last month, the Bank of Ghana announced the decision to keep its key lending rate at 27 percent to curb the rising risk of inflation.