The government has fallen short of its 2024 year-end inflation target of 15%, as inflation for December 2024 rose to 23.8%, up from 23.0% in November.
This increase was largely driven by a surge in food prices, marking the fourth consecutive monthly rise after five months of decline.
Food inflation climbed from 25.9% in November to 27.8% in December, while non-food inflation saw a marginal drop from 20.7% to 20.3%.
Government Statistician, Professor Samuel Kobina Annim, elaborated on the inflation trends, stating: “In December 2024, the average prices of goods and services increased by 23.8% compared to December 2023. This represents a year-on-year inflation rise of 0.8 percentage points, from 23.0% in November 2024.”
Breaking down the figures, he noted a significant disparity between food and non-food inflation.
“There is a 7.5 percentage point difference between food inflation, which stands at 27.8%, and non-food inflation, which is at 20.3% for December 2024. Food inflation increased from 25.9% to 27.8%, while non-food inflation declined slightly from 20.7% to 20.3%.”
The rise in inflation highlights the persistent pressures in the economy, particularly in the food sector, which continues to drive the upward trend.
This deviation from the inflation target underscores the challenges faced in stabilizing prices amidst economic recovery efforts.
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