Ghana ended 2023 with highest average inflation rate in 2 decades

The latest data released by the Ghana Statistical Service indicates that the inflation rate for December 2023 stood at 23.2%.

This figure reveals a decrease from November 2023’s rate of 26.4%. However, a more detailed analysis shows a nuanced situation: certain items, including fried plantain and beans (gorbɛ), experienced inflation rates surpassing 40%.

Specifically, the price of fried plantain and beans, known as ‘gorbɛ’, surged by 44.5% in December 2023 compared to the same period in 2022. Over just a month—from November to December 2023—gorbɛ prices increased by an average of 6.3%, contributing 1.5% to the national inflation rate.

Among the 20 items flagged by the Statistical Service for potential policy attention, tea bags, carrots, crabs, and country milk all exhibited inflation rates exceeding 50%. This data underscores the challenges posed by considerable price hikes in essential commodities.

Closing out 2023, Ghana recorded a December inflation rate of 23.2%, according to data from the Ghana Statistical Service.

This figure reflects a 3.2 percentage point decrease from the November rate of 26.4% and the lowest rate in the year 2023.