Ghanaians continue to take a hit with their budgets as the high cost of living further worsens with an increase in inflation for November 2024.
The latest Consumer Price Index (CPI) data published by the Ghana Statistical Service has revealed that inflation for November 2024 increased to 23% from 22.1% in October 2024 representing a 0.9 percentage points jump.
This November increase marks a third consecutive upward trajectory in the cost of living index after the economy enjoyed a five-month period of consecutive decline.
This current increase means Ghanaians are paying more for the same basket of goods than they did in the same period last year signifying that the budgets of many, especially the low-income earners are taking major hits.
Speaking in Accra on Wednesday, December 4, Professor Samuel Kobina Anim explained the situation, noting that the rate for November 2024 means that “in November 2024, general prices of goods and services were 23% higher than in November 2023.”
The recent surge in the rate was mainly fueled by a major increase in the prices of food which is a basic necessity that affects all.
Food Inflation saw a significant jump from 22.8% in October to 25.9% in November signifying that with the same budget, households buy the same basket of food as they did previously which can result in deteriorating living standards for low-income earners.
However, non-food inflation offered a small reprieve, dropping slightly from 21.5% to 20.7% indicating a slowdown in the rise in the prices of non-food items compared to food items.
This consecutive steady rise in inflation is an indication that the purchasing power of Ghanaians is reducing at a time when incomes have remained static.
With food prices taking the lead, essentials like rice, vegetables, and cooking oil have become significantly more expensive, forcing families to make difficult choices about what to prioritize.
