2023 end-of-year inflation stands at 23.2%; lower than revised target of 31.3%

The year-on-year inflation for December 2023 has dropped to 23.2 percent from the 26.4 percent recorded in November in the same period.

By this, government ended the year with an inflation figure below its revised target of 31.3 percent captured in the 2024 National Budget presented to parliament in November last year.

Announcing the figures, Government Statistician, Prof. Samuel Kobina Annim said food inflation continues to drive the overall inflation with a rate of 28.7 percent, while non-food inflation saw inflation rate of 18.7 percent.

In addition, alcoholic beverages, tobacco, personal care, narcotics amongst others were the major factors that contributed to the overall inflation.

Year-on-year rate of inflation for December 2023 was 23.2 percent. This means that in the month of December 2023 the general price level was 23.2 percent higher than December 2022″, Prof. Annim explained.