Ghana’s inflation rate experienced a slight increase from 23.2% to 23.5% in January 2024, reversing the declining trend seen from July to December 2023.
This uptick is primarily due to higher non-food inflation drivers like accommodation, electricity, and clothing. However, food inflation continued to decrease during this period.
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The unexpected rise comes shortly after the Central Bank reduced its monetary policy stance by 100 basis points in response to the previous downward trend in inflation.
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Comparing January 2024 to January 2023, the general price level was 23.5% higher. Month-on-month inflation between December 2023 and January 2024 was 2.0%.
Regionally, the Eastern Region had the highest inflation rate at 37.1%, driven by food prices. In contrast, the Greater Accra Region had the lowest inflation rate at 18%.
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