The government has missed its 2024 end-year inflation target of 15% as inflation for December 2024 rose slightly to 23.8%. This is up from 23% in November. This rise is said to be primarily driven by increases in food prices.
This marks the fourth consecutive monthly rise after a five-month decline. Food inflation jumped from 25.9% to 27.8%, while non-food inflation saw a slight decrease, from 20.7% to 20.3%.
Government Statistician Professor Samuel Kobina Annim explained that “In December 2024, average prices of goods and services went up by 23.8%. On a year-on-year basis, specifically between December 2023 and December 2024, general price levels of goods and services went up by 23.8%.
“This is against the backdrop that on a year-on-year basis, in November 2024 we recorded an overall rate of inflation of 23.0%. Indicating that on a year-on-year basis between November and December 2024 we saw a marginal increase of 0.8 percentage points. This is for the year-on-year inflation.
“Disaggregating year-on-year inflation from a food and non-food perspective. We identified a 7.5 percentage point difference between inflation for food and inflation for non-food. With inflation for food standing at 27.8% in December 2024 and non-food inflation at 20.3% for December 2024.
“We have seen an increase in food inflation increasing from 25.9% to 27.8%. In contrast, we have recorded a decline in non-food inflation declining from 20.7% by 0.4 percentage points to 20.3% for December 2024.
Source: citinewsroom
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