Ghana’s annual inflation rate has risen significantly to 23.8% in December 2024, driven primarily by soaring food prices.
This marks the highest inflation rate in eight months, with food inflation reaching 27.8%.
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The Ghana Statistical Service (GSS) reported that key food items, such as yams and vegetables, experienced drastic price hikes.
The depreciation of the Ghanaian cedi and structural issues in the economy have also contributed to the inflationary pressures.
Policymakers are urged to address both monetary and real-sector issues to stabilize prices and ease the cost-of-living crisis.
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