Ghana ended the year 2024 with an inflation rate of 23.8% for December, missing the government's target of 15%. This marks a slight rise from the 23.0% recorded in November, primarily driven by increased food prices.

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The December rate reflects the fourth consecutive monthly increase after a five-month decline earlier in the year. Food inflation surged from 25.9% in November to 27.8%, while non-food inflation slightly decreased from 20.7% to 20.3%.

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Explaining the figures, Government Statistician Professor Samuel Kobina Annim stated, “In December 2024, average prices of goods and services went up by 23.8%, indicating that on a year-on-year basis, specifically between December 2023 and December 2024, general price levels of goods and services went up by 23.8%.”

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He added, “This is against the backdrop that on a year-on-year basis November 2024, we recorded an overall rate of inflation of 23.0%, indicating that on a year-on-year basis between November and December 2024, we saw a marginal increase of 0.8 percentage points for the year-on-year inflation.”

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Disaggregating the figures further, Professor Annim noted, “Disaggregating year-on-year inflation from a food and non-food perspective, we identified a 7.5 percentage point difference between inflation for food and inflation for non-food, with inflation for food standing at 27.8% in December 2024 and non-food inflation at 20.3% for December 2024.”

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“We have seen an increase in food inflation, rising from 25.9% to 27.8%, and in contrast, we have recorded a decline in non-food inflation, declining from 20.7% by 0.4 percentage points to 20.3% for the month of December 2024,” he concluded.

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