Headline inflation has witnessed a substantial contraction recording a notable decline from 35.2% in October 2023 to 26.4% in November 2023, as per data released by the Ghana Statistical Service.
This marks a 8.8 percentage point decline in headline inflation on a month-on-month basis.
The primary driver behind this noteworthy decrease in inflation was identified in the realm of food prices.
Food inflation, a pivotal metric in the inflationary landscape, demonstrated a significant reduction of 12.6%, plummeting to 32.2% in November 2023.
This shift in inflationary dynamics reflects a discernible alleviation of pricing pressures in key sectors, marking a positive turn for the Ghanaian economy. The decisive role played by food prices in this trajectory underscores the nuanced interplay between essential commodities and the overall inflationary landscape.
Norvan Reports