Prof. Samuel Kobina Annim
THE YEAR-on-year inflation for December 2023 dropped significantly to 23.2 percent from the 26.4 percent recorded in November last year.
The Consumer Price Index (CPI) released by the Ghana Statistical Service (GSS) yesterday, which made this known, indicated that food inflation stood at 28.7 as non-food inflation recorded 18.7%.
Vegetables, tubers, plantains, cooked bananas, and pulses topped the food inflation basket with a record of 33.8% followed by ready-made food at 27.8%, cereals and its products at 24.3%, fish, seafood, and live meat at 32.5%.
While Oil and fats recorded 28.8%, milk, dairy products, and egg registered 24.2%, with water at 8.4%. Fruits and nuts recorded 22.7%; sugar, confectionery and dessert 28.8%; soft drinks 25.0%; fruit and vegetable juices 29.4%; coffee and coffee substitutes 23.8%, tea and related products 67.8% and cocoa drinks 73.1%.
Inflation for locally produced items stood at 23.8%, while inflation for imported items stood at 21.9%.
On the regional front, the Eastern Region recorded the highest food inflation rate of 51.3%, while the Upper East recorded the lowest food inflation rate of 18.8 percent.
With the non-food inflation, the Western Region recorded the highest of 36.0% while Greater Accra recorded the lowest rate of 11.95%. Alcoholic beverages, tobacco, and narcotics contributed to the overall inflation recorded in December.
Addressing journalists yesterday, Government Statistician, Prof. Samuel Kobina Annim, called on policymakers to focus on food to drive down inflation saying, “The contribution of food to overall inflation cannot be understated given the weight that it was attached to the consumer price index. Food weighs 42.7% and is one of the 13 dominant divisions and the other 12 weigh 52.7% so with the weight of 42.7% one is always concerned about its contribution. Consistently we see the contribution of food to our overall inflation around 50%.”
By Prince Fiifi Yorke