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Ghana's inflation inches up to 23.5% in January 2024

Ghana's inflation rate experienced a marginal uptick in January 2024, rising from 23.2% to 23.5%, marking a reversal from the consecutive declines observed between July and December 2023.

Government statistician, Prof. Samuel Kobina Annim.

The unexpected increase in consumer prices is primarily attributed to a rise in non-food inflation drivers, particularly accommodation and clothing costs.

This slight acceleration in inflation comes as a surprise, especially considering the Central Bank's recent decision to reduce its monetary policy stance by a hundred basis points in response to the declining inflation figures.

The uptick underscores the complexity of economic dynamics and the challenges faced in stabilizing price levels amidst fluctuating market conditions.

Analysts are closely monitoring the situation, noting the potential implications for consumer purchasing power, business operations, and overall economic stability.

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The Central Bank may reassess its monetary policy approach in light of the latest inflation data, seeking to strike a balance between stimulating economic growth and managing inflationary pressures.

While the increase in inflation is a concern, policymakers remain committed to implementing measures to address underlying factors contributing to price volatility and ensure sustained economic resilience.

Continued vigilance and proactive measures will be essential in navigating the evolving economic landscape and fostering sustainable development in Ghana.

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