Headline inflation falls by 8.8%; now at 26.2% at end-November 2023

The Western region reported the highest inflation at 39.8%, while the Greater Accra region displayed the least inflation at 19.8%, underscoring regional variations in economic dynamics.

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Headline inflation has witnessed a substantial contraction recording a notable decline from 35.2% in October 2023 to 26.4% in November 2023, as per data released by the Ghana Statistical Service.

This marks a 8.8 percentage point decline in headline inflation on a month-on-month basis.

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Food Inflation Takes Center Stage

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The driving force behind this marked decline was prominently attributed to food prices, with food inflation plummeting by 12.6% to 32.2% in November 2023. The month-on-month rate of food inflation registered a modest 0.8%, indicating a noteworthy easing of pricing pressures in essential commodities.

Non-Food Inflation Trends

Concurrently, non-food inflation also witnessed a reduction, easing to 21.7% from 27.7% in October 2023. The month-on-month rate of non-food inflation stood at 2.2%, reflecting a broader moderation in inflationary dynamics.

Locally Produced vs. Imported Items

Inflation for locally produced items recorded a rate of 26.1%, while that of imported items stood at 27.1%, elucidating nuanced distinctions in pricing trends between domestically produced and imported goods.

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High Inflationary Sectors

Five divisions surpassed the national average, with notable sectors including Alcoholic Beverages, Tobacco and Narcotics (39.0%); Personal Care, Social Protection and Miscellaneous Goods and Services (35.4%); Food and Non-Alcoholic Beverages (32.2%); Furnishings, Household Equipment and Routine Household Maintenance (32.2%); and Restaurants and Accommodation Services (27.1%).

Sub-Class Inflation Variations

Of the 15 Sub-Classes in food inflation, eight recorded rates above the overall food inflation of 32.2%. Noteworthy categories included Tea and related products (78.8%); Cocoa drinks (73.9%); Coffee and coffee substitutes (39.3%); and Fruit and vegetables (39.1%).

Regional Disparities

The Western region reported the highest inflation at 39.8%, while the Greater Accra region displayed the least inflation at 19.8%, underscoring regional variations in economic dynamics.

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