Ghana's Inflation is coming down faster than expected, it has plunged from 26.4% to 23.2% in December 2023.

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Inflation in Ghana dropped for the fifth consecutive month in December 2023 to 23.2%, down from 26.4% in November 2023. According to the Government Statistician, a drop in food and non-food inflation pitched into the overall decrease in inflation.





The government ended the year with an inflation figure below its revised target of 31.3 percent grasped in the 2024 National Budget submitted to parliament in November last year.

Declaring openly the figures, Government Statistician, Prof. Samuel Kobina Annim said food inflation continues to drive the overall inflation with a rate of 28.7 percent, while non-food inflation saw an inflation rate of 18.7 percent.

In addition, alcoholic beverages, tobacco, personal care, and narcotics amongst others were the major factors that contributed to the overall inflation.

"Year-on-year rate of inflation for December 2023 was 23.2 percent. This means that in December 2023, the general price level was 23.2 percent higher than in December 2022", Prof. Annim explained.

Good news for the economy and cost of living. 

TAG
Ghana Statistical Service
Bank Of Ghana


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