#1PRESS RELEASE STATISTIC SERVICE Ghana, December 2023 CONSUMER PRICE INDEX AND INFLATION GHANA GHANA STATISTICAL SERVICE 10th January 2024#2STATISTICA GHANA SERVICE In This Release, We Present: 1. Definition and Measurement of Consumer Price Index (CPI) and Rate of Inflation 2. CPI and Rate of Inflation for December 2023 3. Dominant Divisions of Rate of Inflation for December 2023 4. Disaggregation of Rate of Inflation for December 2023 5. Highlights of CPI and Rate of Inflation for December 2023 6. National, Regional and Household Level Issues for Wider Engagement Ghana Statistical Service 1 CPI release December 2023#3Definition and Measurement of CPI and Rate of Inflation (1/3) ■CPI measures changes in the price of a fixed basket of goods and services purchased by households. ■The assumption is that items in the basket are purchased each month, hence captures monthly price changes. ■The rate of inflation is the relative change in CPI between periods ▪Inflation is reported year-on-year (annual inflation) and month-on-month (monthly inflation), and granulated to determine regional and commodity type and source of inflation. SERVICE ISTICAL SEE Ghana GHANA Statistical Service 2 CPI release December 2023#4STATISTICA GHANA SERVICE Definition and Measurement of CPI and Rate of Inflation (2/3) ■CPI does not measure price levels ■The measures of CPI and inflation are based on the Consumer Price Index Manual: Concepts and Methods ▪Data (market readings) are captured monthly ▪Key variables are prices, quantities and expenditure weights of items ▪Price reference year for the new series is 2021 (2021 = 100) ▪Analyses of price changes of individual items for wider engagement Ghana Statistical Service 3 CPI release December 2023#5STATISTICA Definition and Measurement of CPI and Rate of Inflation (3/3) ■Price collection is done in 57 markets ■Prices are collected from about 8,337 outlets. ▪Prices are collected for approximately 47,800 products every month from 16 regions. ■Products are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 Items. ▪Every item can only be part of one Subclass, and every Subclass can only be part of one Class, etc. Ghana Statistical Service 4 CPI release December 2023 SERVICE GHANA#6Consumer Price Index and Rate of Inflation for December 2023 ■CPI for December 2023 was 200.6 relative to 162.8 for December 2022 ▪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 ▪Month-on-month inflation between November 2023 and December 2023 was 1.2 percent Month CPI Inflation Monthly Yearly Dec - 2022 162.8 3.8% 54.1% Jan-2023 165.6 1.7% 53.6% Feb-2023 168.7 1.9% 52.8% Mar-2023 166.6 -1.2% 45.0% Apr-2023 170.5 2.4% 41.2% May-2023 178.7 4.8% 42.2% June-2023 184.4 3.2% 42.5% July-2023 191.0 3.6% 43.1% Aug-2023 190.6 -0.2% 40.1% Sept-2023 194.2 1.9% 38.1% Oct-2023 195.2 0.6% 35.2% Nov-2023 198.2 1.5% 26.4% Dec-2023 200.6 1.2% 23.2% STATISTICA SERVICE GHANA Ghana Statistical Service 5 CPI release December 2023#709 54.1 53.6 52.8 50 50 Overall year-on-year inflation (%) 10 20 20 30 30 40 Ог STATISTICA SERVICE Dec-22 Jan-23 Feb-23 Mar-23 GAL Ghana GHANA Statistical Service Apr-23 Year-on-year and Month-on-Month Inflation, December 2022 to December 2023 45.0 43.1 42.2 42.5 41.2 40.1 38.1 35.2 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 6 26.4 23.2 3 4 Overall month-on-month inflation (%) -2 -1 0 1 5 9 3.8 2.4 2 1.9 1.7 -1.2 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 4.8 3.6 3.2 -0.2 1.9 1.5 1.2 0.6 Sep-23 Oct-23 Nov-23 Dec-23 CPI release December 2023#8STATISTICA GHANA SERVICE Disaggregation of December 2023 Rate of Inflation This month: 28.7% Last month: 32.2% Month-on-month: 1.3% Food inflation This month: 18.7% Last month: 21.7% Month-on-month: 1.0% Non-food inflation Ghana Inflation for locally produced items: 23.8% Statistical Service 7 Inflation for imported items: 21.9% CPI release December 2023#970 Year-on-year Food and Non-Food Inflation, December 2022 to December 2023 60 61.0 59.7 59.1 50 50 40 Year-on-year food inflation (%) 30 20 20 10 Ог STATISTICA SERVICE Dec-22 Jan-23 Feb-23 Mar-23 GAL Ghana GHANA Statistical Service Apr-23 55.0 54.3 51.8 51.9 50.8 49.3 48.7 44.8 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 32.2 28.7 Nov-23 Dec-23 8 70 60 60 50 40 40 Year-on-year non-food inflation (%) 30 20 20 10 10 0 Dec-22 49.9 47.8 47.9 Jan-23 Feb-23 Mar-23 40.6 35.4 34.6 33.4 33.8 30.9 29.3 27.7 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 21.7 18.7 Oct-23 Nov-23 Dec-23 CPI release December 2023#101 5 6 7 Month-on-month Food and Non-Food Inflation, December 2022 to December 2023 4 4.1 3 2.8 2 2.0 0 -1 -0.9 -2 4.3 6.2 3.9 3.8 1.6 0.1 -0.3 5 9 7 4 3.6 3 2 1.3 1 0.8 0.8 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 STATISTICA SERVICE AL Ghana GHANA Statistical Service 9 0 -1 -2 1.7 -1.5 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 0.7 3.5 3.4 2.6 -0.2 2.1 2.2 ss 1.0 1.0 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 CPI release December 2023#11Disaggregation of December 2023 Year-on-year Inflation by Division No. Division Weight Year-on-year inflation Month-on- month inflation 1 Alcoholic beverages, tobacco and narcotics 3.9 38.2% 2.8% 2 Personal care, social protection and miscellaneous goods and services 2.5 31.1% 1.4% 3 Food and non-alcoholic beverages 42.7 28.7% 1.3% 4 Restaurants and accommodation services 4.3 28.0% 2.0% LO 5 Furnishings, household equipment and routine household maintenance 3.2 26.9% 0.8% 6 Recreation, sport and culture 3.5 24.9% 1.5% 7 Health 0.7 23.0% 1.4% 8 Clothing and footwear 8.0 22.3% 1.4% 9 Housing, water, electricity, gas and other fuels 10.2 19.5% 1.2% 10 Information and communication 3.6 14.2% 0.2% 11 Education services 6.6 13.9% 0.5% 12 13 GHANA STATISTICA SERVICE GAL Ghana Statistical Service Insurance and financial services 0.4 8.1% 0.2% Transport 10.5 4.4% -0.1% CPI release 10 December 2023#1260% 50 40 30 20 52.6% Shares of Inflation Across Divisions for December 2023 10 8.6% 7.7% 6.3% 5.2% 3.9% 3.7% 3.7% 3.3% 2.2% 2.0% (0.7% 0.1% Food and non- alcoholic beverages Housing, water, electricity, gas and other fuels Clothing and footwear Alcoholic beverages, tobacco and narcotics Restaurants and accommodation services Education services Furnishings, household equipment and Recreation, sport and culture Personal care, social miscellaneous routine household maintenance Information and protection and communication goods and services Transport Health Insurance and financial services STATISTICA SERVICE GHANA Ghana Statistical Service 11 CPI release December 2023#13Disaggregation of YoY and MoM Food Inflation by Sub-class Sub-class Overall food inflation Weight Year-on-year inflation 28.7% Sub-class Overall food inflation Weight Month-on-month inflation 1.3% Vegetables, tubers, plantains, cooking bananas and pulses Vegetables, tubers, plantains, cooking 9.5 33.8% 9.5 0.5% bananas and pulses Ready-made food and other food Ready-made food and other food 8.0 27.8% 8.0 products n.e.c. products n.e.c. Cereals and cereal products 7.8 24.3% Cereals and cereal products 7.8 0.1% Fish and other seafood 7.6 32.5% Fish and other seafood 7.6 1.7% Live animals, meat and other parts of Live animals, meat and other parts of 3.2 32.5% 3.2 1.2% slaughtered land animals slaughtered land animals Oils and fats 1.3 28.8% Oils and fats 1.3 0.0% Milk, other dairy products and eggs 1.3 24.2% Milk, other dairy products and eggs 1.3 1.1% Water 1.1 8.4% Water 1.1 0.4% Fruits and nuts 1.1 22.7% Fruits and nuts 1.1 1.3% Sugar, confectionery and desserts 1.0 28.8% Sugar, confectionery and desserts 1.0 1.3% Soft drinks 0.6 25.0% Soft drinks 0.6 2.3% Fruit and vegetable juices 0.2 29.4% Fruit and vegetable juices 0.2 0.7% Coffee and coffee substitutes 0.1 32.8% Coffee and coffee substitutes 0.1 1.4% Tea and related products 0.1 67.8% Tea and related products 0.1 0.4% Cocoa drinks 0.0 73.1% Cocoa drinks 0.0 0.0% STATISTICA SERVICE GHANA Ghana Statistical Service 12 3.4% CPI release December 2023#14Overall inflation 20% 25% 30% 35% STATISTICA Regional Rates of Inflation for December 2023 No. Region Food Inflation No. Region Non-food Inflation 30.0% Upper East 25.7% Upper West 28.0% North East 1 Eastern 51.3% 1 Western 36.0% 2 Northern 36.6% 3 Upper West 36.6% 23 Upper East 35.6% Volta 31.7% 31.9% Northern 4 Western North 35.8% 4 Western North 30.8% 20.6% Savannah 5 North East 35.1% 5 Northern 27.9% 6 Bono 32.5% 6 North East 23.5% 7 Western 32.1% 7 Bono 23.3% 8 Volta 32.1% 8 Eastern 21.3% 21.5% Bono East 17.7% Oti 9 Bono East 26.0% 9 Upper West 18.4% 27.4% Bono 10 Savannah 25.8% 10 Central 18.1% 11 Central 24.8% 11 Ashanti 16.3% 17.4% Ahafo 20.0% Ashanti 12 Ashanti 24.2% 12 Bono East 16.0% 35.9% 31.8% 13 Oti 23.7% 13 Savannah 15.9% 33.7% Eastern Volta Western North 14 Greater Accra 22.2% 14 Oti 12.8% 16.0% Greater Accra 15 Ahafo 21.8% 15 Ahafo 12.0% 21.5% 34.3% Central Western 16 Upper East 18.8% 16 Greater Accra 11.9% SERVICE GHANA Ghana Statistical Service 13 CPI release December 2023#15Disaggregation of Overall Inflation for Eastern Region and Food Inflation for Eastern Region Eastern Region Weight (%) Eastern Region - Food Weight (%) Alcoholic beverages, tobacco and narcotics 0.38 56.3 Ready-made food and other food products n.e.c. 0.77 79.2 Food and non-alcoholic beverages 4.91 51.3 Tea, maté and other plant products for infusion 0.01 67.9 Education services 0.49 39.1 Fish and other seafood 1.16 63.2 Personal care, social protection and miscellaneous goods 0.27 31.5 Oils and fats 0.16 59.1 and services Clothing and footwear 0.92 30.8 Vegetables, tubers, plantains, cooking bananas and pulses 1.22 54.3 Recreation, sport and culture 0.41 30.3 Live animals, meat and other parts of slaughtered land animals 0.28 46.7 Furnishings, household equipment and routine household maintenance 0.36 29.3 Sugar, confectionery and desserts 0.11 32.9 Restaurants and accommodation services 0.58 27.8 Soft drinks 0.05 31.3 Health 0.08 24.1 Cereals and cereal products 0.79 25.9 Housing, water, electricity, gas and other fuels 0.83 20.9 Milk, other dairy products and eggs 0.13 25.9 Insurance and financial services 0.04 13.7 Fruit and vegetable juices 0.01 24.0 Information and communication 0.34 1.7 Fruits and nuts 0.09 18.0 Transport 0.73 -9.4 Water 0.11 17.5 Coffee and coffee substitutes 0.01 7.4 - Eastern Overall SERVICE ISTICAL SEE Ghana GHANA Statistical Service 35.9 Eastern Region - Food 14 51.3 CPI release December 2023#1626.1% Inflation on locally produced items November 2023 Highlights for December 2023 Rates of Inflation (1/2) 35.9% Highest regional inflation rate (Eastern) 16.0% Lowest regional inflation rate (Greater Accra) 23.8% 21.9% 27.1% Inflation on imported items November 2023 Inflation on locally produced items Inflation on imported items STATISTICA SERVICE TESTIRAL SER Ghana GHANA Statistical Service 23.2% Year-on-year inflation December 2023 26.4% Year-on-year inflation November 2023 15 Food inflation Non-food inflation 32.2% Food inflation November 2023 28.7% 18.7% 21.7% Non-food inflation November 2023 CPI release December 2023#17Highlights for December 2023 Rates of Inflation (2/2) 0.8% Food inflation November 2023 SERVICE ISTICAL SERE Ghana ✓ Statistical Service GHANA 1.2% Month-on-month inflation December 2023 1.5% Month-on-month inflation November 2023 16 Food inflation Non-food inflation 1.3% 1.0% 2.2% Non-food inflation November 2023 CPI release December 2023#18National and Household-Level Issues for Wider Engagement (1/3) Rank in previous No. Item Source Weight Year-on-year change in price Month-on-month change in price month (year-on-year) 1 Tea Bags Food, imported 0.1 65.9% 2.2% 1 2 Carrot Food, imported 0.1 63.8% 1.9% 3 3 Country Milk Food, imported 0.0 52.6% 0.6% 4 Cost of Travel by Air Non-food, local 0.2 51.7% 5.5% 27 5 Tomatoes (Fresh) Food, local 1.2 50.2% 2.0% 6 Crab Food, local 0.0 50.0% 5.3% 220 20 27 7 Non-alcoholic Champagne Food, imported 0.0 49.1% 0.8% 4 8 Cassava (Fresh) Food, local 0.8 48.6% 3.0% 12 9 Ready-made Clothing for Boys Non-food, imported 0.2 47.7% 1.6% 6 10 Fish (Sea) Food, local 1.8 47.5% 2.1% 10 11 Oranges (Fruit) Food, local 0.1 47.5% 12.3% 21 12 Purchase Of New Bicycles Non-food, imported 0.1 47.5% 1.9% 9 13 Cabbage Food, local 0.1 45.6% 5.8% 54 14 Beer (Imported) Non-food, imported 0.0 45.4% 11.7% 91 15 Herrings - Smoked Food, local 2.9 45.0% 0.7% 11 16 lodated Salt Food, local 0.3 44.9% 3.6% 19 17 Fried Plantain and Beans Food, local 1.5 44.5% 6.3% 51 18 Fried Fish Food, local 0.2 44.0% -0.3% 16 19 Yam Food, local 1.6 43.9% -0.8% 18 20 Sheabutter Food, local 0.1 43.7% 3.7% 13 STATISTICAL SERVICE GHANA Ghana Statistical Service 17 CPI release December 2023#19National and Household Level Issues for Wider Engagement (2/3) STATISTICA Fish - Sea Month (1) Herrings - Smoked (2) Tomatoes - Fresh (3) Bread (4) Petrol (5) Yam (6) Fried Plantain and Beans (7) January 97.5% 86.2% February 99.1% 95.1% March 81.4% 75.5% April 78.0% 72.6% 78.0% May 90.8% 82.3% 71.8% 70.4% June 90.8% 82.3% 71.8% 70.4% I July 88.2% 80.6% 79.8% I August 76.8% 71.8% 74.8% September 65.5% 75.7% 60.3% October 61.7% 53.6% I | | I November 50.7% 50.4% 44.8% December 47.5% 45.1% 50.2% 45.8% 43.9% 44.5% 11 9 8 4 2 2 1 1.5 2.5 1.6 2.1 1.5 1.5 1.4 Number of Months in Top 20 Item Weight Ghana Statistical Service SERVICE GHANA 18 CPI release December 2023#20National and Household Level Issues for Wider Engagement (3/3) Food, imported (24) (13.4%) Non-food, local (33) (18.4%) Food, local (48) (26.8%) STATISTICA SERVICE GAL Ghana GHANA Statistical Service Items with year-on-year change in price above the overall inflation rate Non-food, imported (74) (41.3%) 19 CPI release December 2023#21STATISTICA SERVICE GHANA Regional-Level Issues for Wider Engagements Region Year-on-year inflation 35.6% 31.8% Change in inflation rate (Dec 2022 to Dec 2023) -3.8 percentage points Monthly change in year-on-year inflation -12.2 percentage points -13.6 percentage points. -13.8 percentage points -14.8 percentage points -20.4 percentage points -25.1 percentage points -28.0 percentage points -28.2 percentage points -30.2 percentage points 1 Volta 2 Northern 40.5% 31.9% -8.6 percentage points 3 Western 46.5% 34.3% 4 Upper East 43.6% 30.0% 5 LO Upper West 39.5% 25.7% 6 Western North 48.5% 33.7% 7 North East 48.4% 28.0% 8 Ashanti 45.1% 20.0% 9 Bono East 49.5% 21.5% 10 10 Eastern 64.1% 35.9% 11 Ahafo 47.6% 17.4% 12 Bono 60.3% 27.4% 13 Oti 50.9% 17.7% 14 Central 59.5% 21.5% 15 Savannah 59.3% 20.6% 16 Greater Accra 66.7% 16.0% 20 -32.9 percentage points. -33.2 percentage points -38.0 percentage points -38.7 percentage points -50.7 percentage points CPI release December 2023 Ghana Statistical Service#22End of Press Release for December 2023 Consumer Price Index For enquiries, please contact: Mr. J. F.K. Agyaho (Head, Price Statistics, GSS) [email protected] Download the technical guide: https://statsghana.gov.gh/gssmain/fileUpload/Price%20Indic es/CPI_Technical_Guide_v5_Published_14102020.pdf STATISTICA SERVICE GAL Ghana GHANA Statistical Service CPI release December 2023#23FREEDOM AND 000 JUSTICE www you m PRESS RELEASE Consumer Price Index and Inflation December 2023 STATISTICAL SERVIC Jelly GHANA