Inflation Takes a Dive: Drops from 35.2% to 26.4% for the Fourth Straight Month

In November, for the fourth consecutive time, inflation witnessed a decline, registering a rate of 26.4%, marking an 8.8 percentage point reduction from the 35.2% recorded in October 2023.

Data from the Consumer Price Index (CPI) released on Thursday, December 14, 2023, reveals that year-on-year food inflation stood at 32.2%, while non-food inflation was at 21.7%.

Professor Samuel Kobina Annim, the Government Statistician, highlighted that the Western region reported the highest inflation rate at 39.8%, while Greater Accra had the lowest at 19.8%.

“From a Food and non-food perspective, we saw a 10.4 percentage rate difference with food inflation of 32. 2 inflation relative to 21. 7 for November 2023. The decline in food inflation was massive to non-food inflation with food inflation dropping by 12.6 Percent while non-food inflation dropped to 6. 0 percent.”

“From the locally produced items and imported items perspective, we recorded a 1.0 percentage point as we continue to see the dominance of imported items inflation recording a relatively higher inflation of 21. 7 per cent relative to locally produced items of 26.1 per cent for November.”

Source:newsalertgh