Ghana: Increasing Food Prices Drive Inflation to 21.5 Percent in September

3 October 2024
Ghanaian Times (Accra)
By Kingsley Asare

The country's year-on-year inflation rose to 21.5 per cent in September from 20.4 per cent in August, driven by the surge in the price food.

This represents an increase of 1.1 percentage points and a month-on-month change rate of 2.8 per cent.

This is the first time in six months that inflation has gone up after it climbed from 23.2 per cent February to 25.8 per cent in March.

The Government Statistician, Professor Samuel K. Annim, who disclosed this in Accra yesterday said the September inflation rate was driven by a surge in food inflation.

Food inflation rose 4.2 percentage points to 22.1 per cent year-on-year in September 2024 from 19.1 per cent in August in 2024.

Under food, the Government Statistician disclosed that vegetables, tubers, plantains, cooking bananas and pulses which recorded year-on-year inflation rates of 44.0 per cent, live animals, meat other parts of slaughtered land animals (24.5 per cent), fruits and vegetable juices (28.9 per cent), fish and other sea food (17.9 per cent) drove food inflation in the month of September 2024.

He stated that cocoa drinks (6.2 per cent), water (2.8 per cent), fruits and nuts (6.1 per cent) and oil and fats (7.0 per cent), milk, other dairy product and eggs (8.6) recorded inflation rate below the national average of 21.2 per cent.

"Non-food inflation, on the other hand, fell 1.6 percentage points to 20.9 per cent in September from 21.5 per cent in August," Prof. Annim added.

The Government Statistician indicated restaurant and accommodation services (27.9 per cent), housing, water, electricity, gas and other fuels (26.4 per cent), education services (23.7 per cent), and health (22.3 per cent) under non-food recorded inflation rates above the national average of non-food inflation of 20.9 per cent.

He further said insurance and financial services (13.3 per cent), information and communication (14.2 per cent), furnishings, household equipment and routine household maintenance (14.5 per cent), and transport (16.3 per cent) recorded inflation below the national average of non-food inflation of 20.9 per cent.

Prof. Annim noted that inflation for locally produced items year-on-year went up to 23.4 per cent in September from 22.2 per cent in August 2024.

Inflation for imported items also year-on-year went up to 17.0 per cent in September 2024 from 16.1 per cent in August 2024.

On regional inflation, Prof Annim stated that Savannah Region recorded the highest year-on-year regional inflation rate of (36.4 per cent) in September 2024.

The Savannah Region, he also revealed, recorded the highest food inflation rate in the period under review.

North East, Prof. Annim said recorded the lowest year-on-year regional food inflation rate of 16.7 per cent and the lowest year-on-year food inflation rate of 15.1 percent

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