By Franklin ASARE-DONKOH
The Ghana Statistical Service (GSS), has revealed that the government missed its 2024 end-year inflation target of 15%.
According to the GSS headed by the Government Statistician Professor Samuel Kobina Annim, inflation for December 2024 rose slightly to 23.8%, up from 23.0% in November 2024.
The Government Statistician explained that the rise in the December inflation was primarily driven by increases in food prices.
This he notes marks the fourth consecutive monthly rise after a five-month decline. Food inflation jumped from 25.9% to 27.8%, while non-food inflation saw a slight decrease, from 20.7% to 20.3%.
Government Statistician further explained that “In December 2024, average prices of goods and services went up by 23.8%, indicating that on a year-on-year basis, specifically between December 2023 and December 2024, general price levels of goods and services went up by 23.8%.”
This is against the backdrop that on a year-on-year basis November 2024 we recorded an overall rate of inflation of 23.0% indicating that on a year-on-year basis between November and December 2024 we saw a marginal increase of 0.8 percentage points for the year-on-year inflation. He added
“Ddisaggregating year-on-year inflation from a food and non-food perspective, we identified a 7.5 percentage point difference between inflation for food and inflation for non-food with inflation for food standing at 27.8% in December 2024 and non-food inflation at 20.3% for December 2024.
We have seen an increase in food inflation increasing from 25.9% to 27.8% and in contrast; we have recorded a decline in non-food inflation declining from 20.7% by 0.4 percentage points to 20.3% for December 2024,” Professor Annim maintained.
