Ghana’s year-on-year inflation rose to 21.5% in September 2024, up from 20.4% in August, according to data from the Ghana Statistical Service.
This marks the first uptick after five consecutive months of declining inflation, driven largely by a sharp rise in food prices.
Food inflation surged to 22.1% in September from 19.1% the previous month, outpacing the overall inflation rate. In contrast, non-food inflation eased slightly, falling to 20.9% from 21.5% in August.
Both imported and domestically produced goods contributed to the inflationary pressures. Inflation on imported items climbed to 17.0% up from 6.1% in August, while locally produced goods saw an inflation rate of 23.4%, rising from 22.2%.
Key sectors also experienced elevated inflation rates, with restaurants and accommodation services registering 27.9%, and alcoholic beverages, tobacco, and narcotics following closely at 27.6%.
The surge in food prices is seen as a primary factor behind the reversal in the inflation trend.
Source:norvanreports.com