Ghana's inflation rate experienced a slight increase from 23.2% to 23.5% in January 2024, reversing the declining trend seen from July to December 2023.

This uptick is primarily due to higher non-food inflation drivers like accommodation, electricity, and clothing. However, food inflation continued to decrease during this period.

The unexpected rise comes shortly after the Central Bank reduced its monetary policy stance by 100 basis points in response to the previous downward trend in inflation.

Comparing January 2024 to January 2023, the general price level was 23.5% higher. Month-on-month inflation between December 2023 and January 2024 was 2.0%.

Regionally, the Eastern Region had the highest inflation rate at 37.1%, driven by food prices. In contrast, the Greater Accra Region had the lowest inflation rate at 18%.