Inflation jumps to 23.5% in January 2024

Ghana’s inflation witnessed a marginal uptick from 23.2 to 23.5 percent for January 2024.

This marks a reversal of the consecutive declines recorded between July and December 2023.

This slight acceleration in consumer prices is attributable to the increase in non-food inflation drivers, mainly accommodation, electricity and clothing.

However, food inflation continued to ease during the period under review.

This unexpected increase comes barely a month after the Central Bank reduced its monetary policy stance by one hundred basis points on the back of the fall in inflation figures.

The latest data announced by the Ghana Statistical Service means that, general price level for January 2024 was 23.5 percent higher than January 2023.

It also suggests, month-on-month inflation between December 2023 and January 2024 was 2.0 percent.

On a regional basis, the Eastern Region recorded the highest rate of inflation at 37.1%, driven by food prices.

The Greater Accra Region, on the other hand, posted the lowest rate of inflation at 18%.

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