In January 2024, there was a slight increase in Ghana’s inflation rate, rising from 23.2 percent to 23.5 percent.

The subsequent decreases that were observed between July and December of 2023 have reversed themselves.

The increase in non-food inflation drivers like lodging and clothing is responsible for this minor acceleration of consumer prices.

Barely a month has passed since the Central Bank lowered its monetary policy stance by 100 basis points due to a decline in inflation data, which prompted the unexpected increase.

However, during the reviewed period, food inflation kept declining.

Regionally, food prices caused the Eastern Region to record the highest rate of inflation, at 37.1%.

Conversely, the Greater Accra Region experienced the lowest inflation rate of 18%.