Ghana’s annual inflation rises by 80bps as prices of key food products spike

Ghana’s annual inflation rate ended December 2024 with a notable increase of 80 basis points, climbing to 23.8%. According to data from a bulletin released by the Ghana Statistical Service (GSS) in early January, this rise was primarily driven by significant increases in the prices of food and non-alcoholic beverages. The report highlighted a consistent […]

Ghana’s annual inflation rate ended December 2024 with a notable increase of 80 basis points, climbing to 23.8%.

According to data from a bulletin released by the Ghana Statistical Service (GSS) in early January, this rise was primarily driven by significant increases in the prices of food and non-alcoholic beverages.

The report highlighted a consistent marginal increase in inflation over four consecutive months, climbing from 23% in November to 23.8% in December.

The December figure marks the highest inflation rate since April 2024, when it stood at 25%, surpassing May’s rate of 23.1%.

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Food and non-alcoholic beverages emerged as the primary contributors to this inflationary trend, rising sharply from 25.9% the previous month to 27.8%.

Conversely, the non-food sector experienced a slight decline, with inflation decreasing by 40 basis points to 20.3%, down from 20.7% in November.

December’s inflation rate of 23.8% ranks as the third highest of the year, following April’s 25% and March’s 25.8%.