Ghana's inflation drops to 23.2% from 26.4% in December 2023

Recent figures for Consumer Price Inflation (CPI) have declined for a fifth consecutive time to 23.2% in December 2023 from 26.4% recorded in November 2023.

CPI measures changes in the price of a fixed basket of goods and services purchased by households.

According to the Ghana Statistical Service, this means that in the month of December 2023, the general price level was 23.2 percent higher than December 2022.

Also, the month-on-month inflation between November 2023 and December 2023 was pegged at 1.2 percent.

The GSS attributed the decline to food inflation which fell to 28.7% in December 2023 as compared to the 32.2% figure recorded in November 2023.

For non-food inflation, the figure dropped to 18.7% in December 2023 from 21.7% in November last year.

Meanwhile, inflation for locally produced items was around 23.8% while that for imported items was 21.9% in December 2023.

MA/NOQ

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