Ghana’s Inflation Slightly Increases in September as Food Prices Rise

Ghana’s year-on-year inflation rate has increased to 21.5 per cent in September, up from 20.4 per cent in August. This marks the first increase after five consecutive months of decline. The increase was primarily driven by a sharp rise in food prices, according to the Ghana Statistical Service.

“The year-on-year inflation rate as measured by the CPI was 21.5 per cent in September 2024. This rate of inflation for September 2024 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from September 2023 to September 2024. The monthly change rate for September 2024 is 2.8 per cent”, the report says.

Government statistician Samuel Kobina Annim attributed the inflation spike to a 3 percentage point jump in food inflation. He stated that the steady decline in inflation since April had been reversed by the higher cost of food items.

This development comes shortly after Ghana’s central bank lowered its main interest rate by 200 basis points to 27 per cent, following signs of improving economic conditions. The recent inflation rise may raise concerns about whether price growth will continue to ease as previously expected.

However, Ghana‘s economy grew by 6.9 per cent in the second quarter of 2024 alone. This is a notable increase from 2.5 per cent during the same period in 2023 and the 4.7 per cent recorded in the first quarter of 2024.

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