Ghana’s inflation rate rose to 23.8% in December 2024, surpassing the government’s end-year target of 15%. According to the Ghana Statistical Service (GSS), the increase was primarily driven by rising food prices, marking the fourth consecutive monthly rise after a five-month decline.
The food inflation rate jumped from 25.9% to 27.8%, while non-food inflation decreased slightly from 20.7% to 20.3%. Professor Samuel Kobina Annim, Government Statistician, explained that the 0.8 percentage point increase in year-on-year inflation between November and December 2024 was a significant indicator of the rising cost of living in Ghana.
The data highlights a 7.5 percentage point difference between food and non-food inflation rates, with food prices increasing by 1.9 percentage points. This trend is a concern for Ghanaian households, who are facing rising costs for essential goods and services.
The inflation rate has been a challenge for Ghana’s economy, with previous declines in August 2024, when the rate dropped to 20.4% ¹. However, the recent increase underscores the need for continued efforts to stabilize prices and ensure economic growth.
GBC/Ruth Abla ADJORLOLO
