Inflation hits four-year high

SONY DSCGhana’s annual inflation rate hit 17.0 per cent in November from 16.9 per cent recorded in October, the highest since March, 2010.

Mr. Baah Wadieh, Deputy Government Statistician who announced this at press briefing in Accra yesterday, said food inflation rose by 6.6 per cent, while non-food inflation climbed to 24.1 per cent.

He said the main price drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels which had an inflation rate of 36.2 per cent and transport 30.2 per cent.

“Some of the price drivers for the food inflation rate were coffee, tea and cocoa which recorded an inflation rate of 20.5 per cent, mineral water, soft drinks, fruits and vegetable juices which had 19.1 per cent, and meat and meat products, 18.4 per cent,” he said.

The rest of the price drivers were milk, cheese and eggs 17.5 per cent, sugar, jam, honey, chocolate and confectionery 17.1 per cent, food products 16.7 per cent, cereals and cereal products 10.0 per cent, and oil and fats 7.4 per cent.

He said the year-on-year food inflation rate for November 2014 was 6.6 per cent, an increase of 0.1 percentage point from 6.5 per cent recorded for October 2014.

The year-on-year non-food inflation rate of 24.1 per cent is more than three and half times higher than the food inflation rate of 6.6 per cent

The year-on-year inflation rate for imported items of 24.2 per cent is more than one and half times higher than the inflation rate for locally produced items which is14.4 per cent.

Giving the regional inflation figures, Mr. Wadieh said the Central Region recorded the highest year-on-year inflation rate of 19.5 while the Upper West Region recorded the lowest of 13.1 per cent.

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