The Ghana Statistical Service (GSS) has announced that the government missed its 2024 inflation target of 15%.
In a statement led by Government Statistician, Professor Samuel Kobina Annim, the GSS revealed that inflation for December 2024 rose to 23.8%, up from 23.0% in November 2024.
Professor Annim explained that the increase in inflation for December was mainly due to rising food prices. This marks the fourth consecutive monthly increase following a five-month decline. Food inflation surged from 25.9% to 27.8%, while non-food inflation saw a slight dip from 20.7% to 20.3%.
The Government Statistician further clarified that “In December 2024, the average prices of goods and services increased by 23.8%, reflecting a year-on-year rise in general price levels between December 2023 and December 2024.”
He also pointed out that, compared to November 2024, which recorded an overall inflation rate of 23.0%, the year-on-year inflation rose by 0.8 percentage points from November to December 2024.
Breaking down inflation by category, Professor Annim highlighted a 7.5 percentage point difference between food and non-food inflation, with food inflation standing at 27.8% in December 2024, while non-food inflation was at 20.3%.
He noted the increase in food inflation from 25.9% to 27.8%, contrasted with a slight decline in non-food inflation, which fell by 0.4 percentage points from 20.7% to 20.3%.
