Inflation Hits 23.5%

 

Inflation had gone up marginally, recording 23.5% for January 2024.

This follows five consecutive months of decline with an inflation of 23.2% in December 2023.

According to data from the Ghana Statistical Service (GSS), the increase in year-on-year inflation was influenced by a sharp surge in non-food items.

This included housing, clothing and transport while non-food inflation increased to 20.5% in January 2024 from 18.7% in December 2023.

Food inflation, however, continued to decline. It fell marginally to 27.1% in January 2024 from 28.7% in December 2023.

For the month-on-month inflation, food inflation stood at 1.6%, whilst non-food inflation was estimated at 2.4%.

Seven divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco and Narcotics (38.5%); Personal Care, Social Protection and Miscellaneous Goods and Services (32.0%); Restaurants and Accommodation Services (29.2%); Furnishings, Household Equipment and Routine Household Maintenance (27.7%) Food and Non-Alcoholic Beverages (27.1%); Health (26.6%) and Recreation, Sports and Culture (24.9%).

For Food inflation, 10 out of 15 sub-class registered inflation above the overall food inflation of 28.7%.

They included Cocoa Drinks (73.5%); Tea and related products (71.2%); Vegetables, Tubers, Plantain, Cooking, Banana and Pulses (35.8%) and Coffee and coffee substitutes (33.2%).

A Business Desk Report

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