Inflation rises to 21.5% in September, driven by food prices

Inflation for September 2024 has climbed to 21.5%, up from 20.4% recorded in August, largely due to a surge in food prices.

Food inflation rose sharply to 22.1% from August’s 19.1%, reversing a five-month downward trend.

In contrast, non-food inflation saw a slight decrease, falling to 20.9% from 21.5% in the previous month.

Announcing the latest figures, Government Statistician Samuel Kobina Anim pointed to ongoing risks, despite recent progress.

“The five-month successive decrease in the rate of inflation has been reversed in the month of September, with food recording a higher rate,” he said.

The report highlighted inflation increases for both locally produced and imported items. Inflation for imported goods rose to 17.0% in September, up from 16.1% in August, while locally produced goods saw a jump to 23.4%, compared to 22.2% the previous month.

Among the sectors, restaurants and accommodation services recorded the highest inflation at 27.9%, followed closely by alcoholic beverages, tobacco, and narcotics at 27.6%.

Housing, water, electricity, gas, and other fuels registered 26.4% inflation, while education services reached 23.7%.

Health services reported 22.3% inflation, and food and non-alcoholic beverages stood at 22.1%, all exceeding the overall inflation rate of 21.5%.

The government aims to bring inflation down to 15% by the end of the year, but the recent rise signals potential challenges ahead.