Inflation for November 2024 increased to 23.0%, up from 22.1% in October, driven primarily by a surge in food prices. This marks the third consecutive monthly rise after five months of decline.
Food inflation climbed sharply from 22.8% in October to 25.9% in November, while non-food inflation saw a slight dip from 21.5% to 20.7%.
The 23.0% inflation rate reflects a 0.9 percentage point increase compared to the 22.1% recorded the previous month and is significantly higher than the 0.6% year-on-year inflation seen in October.
Key Inflation Metrics
Addressing the media in Accra on Wednesday, December 4, Professor Samuel Kobina Anim provided detailed insights into the data.
“The Consumer Price Index (CPI) for November 2024 stood at 243.9, compared to 198.2 in November 2023. Based on these indices, year-on-year inflation for November 2024 was 23.0%.
“This means that general price levels of goods and services in November 2024 were 23.0% higher than in November 2023. Compared to October 2024, this represents a 0.9 percentage point increase in the inflation rate,” Prof. Anim explained.
The increase underscores ongoing challenges in managing price stability, with food prices driving the upward trend despite slight relief in non-food inflation.