November inflation climbs to 23%, marking third consecutive rise

Inflation for November 2024 edged up to 23.0%, compared to 22.1% in October. This was driven by increases in food inflation.

This marks the third consecutive monthly rise following a five-month decline.

Food inflation rose from 22.8% to 25.9%, while non-food inflation dropped slightly from 21.5% to 20.7%.

The 23.0% rate for November 2024 represents a 0.9 percentage point increase relative to the 0.6% year-on-year inflation recorded the previous month.

Prof. Samuel Kobina Anim made this known in Accra on Wednesday, December 4.

“Consumer price index for November 2024 stood at 243.9 relative to 198.2 that was recorded for this same period in November 2023. Given these two indices, year-on-year rate inflation for the month of November 2024 stood at 23.0%.

“This means that in the month of November 2024, the general price levels of goods and services went up by 23.0% higher than November 2023. General price levels of goods and services went up by 23% relative to November 2023.

This 23.0% that has been recorded for November 2024 signifies a 0.9% increase relative to the rate that was recorded for October 2024,” he stated.

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