Inflation rate for November 2023 drops significantly to 26.4%

The year-on-year consumer inflation rate for November 2023 has slowed significantly from 35.2% in October 2023 to 26.4%, the Ghana Statistical Service (GSS) said on Thursday (14 December).

This means that in the month of November 2023 the general price level was 26.4% higher than November 2022.

This marks the fourth consecutive drop since August this year. Month-on-month inflation between October 2023 and November 2023 was 1.5%.

According to figures from the GSS, food inflation was the major contributor to the decline in the rate of price rises.

Food inflation dropped by 12.6% to 32.2% in November 2023. The month-on-month rate of food inflation was 0.8%. Non-food inflation also dropped to 21.7% compared to 27.7% in October 2023. The month-on-month rate in this category was 2.2%.