Ghana’s inflation rate has seen a slight increase to 21.5% in September 2024, up from 20.4% in August. This rise is primarily driven by a surge in food inflation, which jumped to 22.1% from 19.1% in August ¹. On the other hand, non-food inflation decreased to 20.9% from 21.5% during the same period.

Government Target and Trends

The government aims to bring inflation down to 15% by the end of the year. Notably, inflation had been on a downward trend for five consecutive months before this latest uptick. According to government statistician Prof. Samuel Kobina Anim, “This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate.” He also warned of potential upside risks.

Sectoral Inflation Rates

The report revealed increases in inflation for both locally produced and imported items:

– Imported Goods Inflation: 17.0% in September, up from 16.1% in August
– Locally Produced Items Inflation: 23.4% in September, up from 22.2% in August

Certain sectors recorded inflation rates exceeding the overall rate of 21.5%:

– Restaurants and Accommodation Services: 27.9%
– Alcoholic Beverages, Tobacco, and Narcotics: 27.6%
– Housing, Water, Electricity, Gas, and Other Fuels: 26.4%
– Education Services: 23.7%
– Health Services: 22.3%
– Food and Non-Alcoholic Beverages: 22.1%