Inflation ends 2023 at 23.2% as it drops by 320bps in December
Headline inflation for December 2023 dropped to 23.2 percent from the 26.4 percent recorded in November 2023.
The December 2023 inflation rate marks a 320 basis point (3.2%) month-on-month decline in the country’s headline inflation.
The December inflation figure also indicates that government ended the year with an inflation figure below its revised target of 31.3 percent captured in the 2024 Budget.
According to Government Statistician, Prof. Samuel Kobina Annim, food inflation continues to drive the overall inflation with a rate of 28.7 percent, while non-food inflation saw inflation rate of 18.7 percent.
In addition, alcoholic beverages, tobacco, personal care, narcotics amongst others were the major factors that contributed to the overall inflation.
“Year-on-year rate of inflation for December 2023 was 23.2 percent. This means that in the month of December 2023 the general price level was 23.2 percent higher than December 2022”, Prof. Annim explained.
The Eastern Region ended 2023 as the region with the highest food inflation rate of 51.3%.
