Professor Samuel Kobina Annim
The latest Consumer Price Index (CPI) data released on Thursday, December 14, 2023 reveals that inflation in November dropped to 26.4%, marking the fourth consecutive decline in inflation rates.
This represents a notable decrease of 8.8 percentage points from the 35.2% recorded in October 2023.
The Government Statistician, Professor Samuel Kobina Annim, highlighted that food inflation stood at 32.2%, while non-food inflation recorded 21.7% on a year-on-year basis.
Breaking down the data further, Professor Annim revealed that the Western region experienced the highest inflation rate at 39.8%, while Greater Accra recorded the least at 19.8%.
Explaining the differences between food and non-food inflation rates, Professor Annim noted a significant gap of 10.4 percentage points, with food inflation at 32.2% in contrast to non-food inflation at 21.7% in November 2023.
Interestingly, food inflation saw a remarkable decline of 12.6%, whereas non-food inflation experienced a milder drop of 6.0%.
In terms of locally produced and imported items, a difference of 1.0 percentage point was observed.
The dominance of imported items was evident, with a relatively higher inflation of 21.7% compared to locally produced items, which recorded an inflation rate of 26.1% in November.
The declining inflation trend in November is seen as a positive development, indicating a potential stabilization of prices and an improvement in the overall economy.
It remains to be seen whether this trend will continue in the coming months and contribute to a more stable economic environment.
By Vincent Kubi