The Ghana Statistical Service has revealed that the government failed its end-of-year inflation target of 15%, with December inflation rising to 23.8%.
This represents a slight increase from the 23.0% recorded in November, marking the fourth consecutive month of rising inflation.
According to Government Statistician Professor Samuel Kobina Annim, the December inflation rate showed that prices for goods and services grew by 23.8% year on year between December 2023 and December 2024.
He also highlighted a huge 7.5 percentage point difference between food and non-food inflation.
“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Prof. Annim stated.
“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” Prof. Annim noted.
He urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.
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