Governor of the Bank of Ghana (BoG), Dr Ernest Addison has explained why food prices increased last year.
He attributed the development to the dry weather conditions experienced in farming communities in the early part of 2024 resulting in low yields.
Addressing the 122nd Monetary Policy Committee (MPC) press conference in Accra on Monday January 27, Dr Addison said that "Price developments in 2024 indicated a slowdown in the disinflation process resulting mainly from food price pressures.
At the beginning of the year, inflation rose from 23.2 percent in December 2023 to 25.8 percent in March 2024. "Thereafter, it declined steadily to 20.4 percent in August but has since risen to 23.8 percent in December 2024, primarily due to food price increases.
