Inflation for November 2024 rose to 23.0%, up from 22.1% in October, primarily driven by a significant increase in food prices.
This marks the third consecutive month of rising inflation after five months of decline.
Food inflation saw a notable jump, climbing from 22.8% in October to 25.9% in November.
Meanwhile, non-food inflation experienced a slight decrease, dropping from 21.5% to 20.7%.
The November inflation rate represents a 0.9 percentage point increase compared to the 22.1% recorded in October, highlighting a continuation of the upward trend in price levels.
Professor Samuel Kobina Anim, who provided this data in a press briefing in Accra on December 4, explained that the Consumer Price Index (CPI) for November 2024 stood at 243.9, compared to 198.2 for the same period in 2023.
This resulted in a year-on-year inflation rate of 23.0% for November 2024.
“In other words, the general price levels of goods and services in November 2024 were 23.0% higher than in November 2023. This represents a 0.9% increase compared to the inflation rate of 22.1% recorded for October 2024,” he said.
This upward trend in inflation underscores the ongoing pressures on consumer prices, particularly in the food sector, contributing to the rising cost of living.