November Inflation Climbs to 23%, Marking Third Consecutive Rise

Inflation for November 2024 has increased to 23.0%, up from 22.1% in October. This rise was driven by higher food inflation and marks the third consecutive monthly increase following a five-month decline.

Food inflation surged from 22.8% to 25.9%, while non-food inflation saw a slight decrease from 21.5% to 20.7%.

The 23.0% inflation rate for November 2024 represents a 0.9 percentage point increase compared to the previous month’s rate of 22.1%.

Prof. Samuel Kobina Anim, speaking in Accra on December 4, explained that the Consumer Price Index for November 2024 stood at 243.9, compared to 198.2 for the same period in November 2023. This signifies a year-on-year inflation rate of 23.0%, meaning that the general price levels of goods and services in November 2024 were 23.0% higher than in November 2023.