Inflation for November 2023 has dropped significantly to 26.4% from the 35.2% recorded in October 2023.
This represents an 8.8% percentage point decrease from the October 2023 figures.
This is the fourth conservative time that inflation has dropped this year, starting from August 2023.
According to figures from the Ghana Statistical Service(GSS), food inflation was the major contributor to the decline in the inflation rate.
Food inflation dropped by 12.6% to 32.2% in November 2023.
The month-on-month rate of food inflation was 0.8%.
Non-food inflation also eased to 21.7%, compared to 27.7% in October 2023. The month-on-month rate of non-food inflation stood at 2.2%.
Whilst inflation for locally produced items was 26.1%, that of imported items stood at 27.1%.
The Government Statistician, Professor Samuel Kobina Annim, highlighting the rates, said the Western Region recorded the highest inflation rate of 39.8% while Greater Accra recorded the lowest inflation rate of 19. 8%.
“From the locally produced items and imported items perspective, we recorded a 1.0% point as we continue to see the dominance of imported items inflation recording relatively higher inflation of 21. 7 per cent relative to locally produced items of 26.1 per cent for November”.
However, five divisions recorded inflation rates higher than the national average.
They are 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%).