Ghana's inflation rises slightly from 23.2% to 23.5% in January 2024

Ghana’s inflation rate for January increased marginally from 23.2% to 23.5% on the back of a surge in non-food figures in the inflation basket.

This represents an unexpected rise in the inflation figure which has been trending downwards in the past few months.

Government Statistician Samuel Kobina Annim addressing journalists on February 14 said food inflation for the period was pegged at 27.1% while non-food inflation was 20.5%.

He added that inflation for locally produced items was 24.2% while that for imported items into country was 22.0%.

The recent inflation figures come as the Central Bank recently cut its policy rate by 100 basis points from 30% to 29.0%.

The Central Bank was optimistic that the disinflation process will continue to ease downwards with its projections targeting between 13-17% by the end of 2024.

MA/NOQ