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Inflation Jumps To 23.5%

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Ghana’s inflation witnessed a marginal uptick from 23.2 to 23.5 percent for January 2024.

This marks a reversal of the consecutive declines recorded between July and December 2023.

This slight acceleration in consumer prices is attributable to the increase in non-food inflation drivers, mainly accommodation, electricity and clothing.

 

 

However, food inflation continued to ease during the period under review.

This unexpected increase comes barely a month after the Central Bank reduced its monetary policy stance by one hundred basis points on the back of the fall in inflation figures.

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The latest data announced by the Ghana Statistical Service means that, general price level for January 2024 was 23.5 percent higher than January 2023.

It also suggests, month-on-month inflation between December 2023 and January 2024 was 2.0 percent.

On a regional basis, the Eastern Region recorded the highest rate of inflation at 37.1%, driven by food prices.

The Greater Accra Region, on the other hand, posted the lowest rate of inflation at 18%.

 

 

 

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