Inflation Ends 2023 at 23.2%: ‘Gobɛ’ and 19 Other Products Register Rates Surpassing 40%

Newly released data from the Ghana Statistical Service indicates that the inflation rate for December 2023 stood at 23.2%.

While this figure marks a decrease from the November 2023 rate of 26.4%, a more detailed analysis reveals a nuanced situation. Certain items, notably fried plantain and beans (‘gorbɛ’), recorded inflation rates exceeding 40%.

In particular, the price of ‘gorbɛ’ surged by 44.5% in December 2023 compared to the same period in 2022. Within a one-month span, 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 identified by the Statistical Service for potential policy attention, tea bags, carrots, crabs, and country milk exhibited inflation rates surpassing 50%. This data underscores the challenges posed by significant price hikes in essential commodities.