Inflation hits 23.5% as it resumes upward trajectory

Inflation went up marginally in January 2024 to 23.5% as it resumed the upward trajectory, data from the Ghana Statistical Service has revealed.
This follows five consecutive months of decline. Inflation stood at 23.2% in December 2023.

According to the GSS, the increase in year-on-year inflation was influenced by a sharp surge in non-food items including housing, clothing and transport. Non-food inflation increased to 20.5% in January 2024 from 18.7% in December 2023.

Food inflation, however, continued to decline. It fell marginally to 27.1% in January 2024 from 28.7% in December 2023.
For the month-on-month inflation, food inflation stood at 1.6%, whilst non-food inflation was estimated at 2.4%.

They are Alcoholic Beverages, Tobacco and Narcotics (38.5%); Personal Care, Social Protection and Miscellaneous Goods and Services (32.0%); Restaurants and Accommodation Services (29.2%); Furnishings, Household Equipment and Routine Household Maintenance (27.7%) Food and Non-Alcoholic Beverages (27.1%); Health (26.6%) and Recreation, Sports and Culture (24.9%).

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