PRESS RELEASE
Ghana, November 2023 CONSUMER PRICE INDEX AND INFLATION
14h December 2023

Definition 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 the basket is purchased each month, hence captures price changes each month
▪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
 

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) 3
▪Analyses of price changes of individual items for wider engagement

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.

Consumer Price Index and rate of inflation for November 2023
Month CPI Inflation

▪CPI for November 2023 was 198.2 relative to 156.8 for November 2022
▪Year-on-year rate of inflation for November 2023 was 26.4 percent
▪This means that in the month of November 2023 the general price level was 26.4 percent higher than November 2022

▪Month-on-month inflation between October 2023 and November 2023 was 1.5 percent November 2023