Ghana Inflation Down to 26.4 Percent in November

By Xinhua 

December 15, 2023

The Ghana Statistical Service (GSS) has announced that the country’s inflation rate has dropped to 26.4 percent in November, 8.8 percentage points lower than the 35.2 percent recorded a month earlier.

“The slower rate of inflation in November was due to a sharper decline in food inflation and the continuous decline in non-food inflation,” said Samuel Annim, the government statistician at the GSS during the regular monthly briefing Thursday.

Compared to October, food inflation declined by 12.6 percentage points to 32.2 percent in November, while non-food inflation declined 6 percentage points to 21.7 percent in November, he said.

Meanwhile, inflation for locally produced and imported items stood at 26.1 percent and 27.1 percent, respectively, the statistician added.

Ghana has been grappling with high inflation since 2021 amid record economic challenges characterized by high public debt and a fast depreciation of the local currency, leading to price hikes for most consumer goods.

On Nov. 27, Ghana’s central bank maintained its benchmark policy rate at 30 percent, signaling a vigilant monetary policy stance against high inflation.