Ghana has witnessed a continued decline in its inflation rate for the fourth consecutive month, reaching 26.4% in November.

This marks a notable 8.8-percentage-point decrease from the 35.2% recorded in October 2023.

The month-on-month reduction of 8.8% stands as the most significant drop in the past 13 months in the country, primarily attributed to a decrease in food inflation.

Notably, items such as fish, other seafood, water, and soft drinks experienced deflation during this period.

According to the recently released Consumer Price Index (CPI) data on December 14, year-on-year food inflation was reported at 32.2%, while non-food inflation stood at 21.7%.

Professor Samuel Kobina Annim, the Government Statistician, emphasised the regional disparities in inflation rates, pointing out that the national inflation rate's 19-month low was influenced by base-effect comparisons.

Breaking down the regional data, the Western region recorded the highest inflation rate at 39.8%, while the Greater Accra region registered the lowest inflation rate at 19.8%.

The overall trend suggests positive economic development with a significant decline in inflation rates, particularly in the food sector, contributing to the nation's economic stability.

Since 2022, Ghana has grappled with persistently high inflation, primarily attributed to the effects of the COVID-19 pandemic, the devaluation of the cedi, rising fuel costs, and supply shocks in the agricultural sector.

Ghana experienced a peak in its inflation rate, reaching an alarming 53.6% in January 2023, positioning it as the second-highest in Africa, following Zimbabwe.

Throughout the majority of 2023, Ghana's inflation rate consistently hovered above 40%, reflecting the economic challenges it faced.

However, there was a noteworthy shift in August 2023, when the inflation rate began to decline.

This change marked a significant turning point, indicating potential improvements in the economic landscape and efforts to address the factors contributing to high inflation.