Inflation rate for January rises to 13.9% …highest since 2019

The country’s year-on-year inflation rate for January increased to 13.9 per cent in from 12.6 per cent in December, the Ghana Statistical Service (GSS) has said.

This, according to the GSS was the highest rate of inflation since the rebasing of the Consumer Price Index in 2019.

The January inflation rate is 1.3 percentage points higher than the rate recorded in December, 2021 and a month-on-month change rate of 2.1 per cent.

Addressing a news conference in Accra, the Government Statistician, Professor Samuel K. Annim, said housing, water, electricity and gas drove the January inflation rate.

“The contribution of housing, water, electricity and gas to overall inflation increased by 4.6 percentage points from 17.5 in December 2021 to 22.1 per cent in January 2022,” he said.

Prof. Annim said housing, water recorded inflation rate of 28.7 per cent, and electricity and gas recorded an inflation rate 20.8 per cent.

He said good inflation in the period under review was 13.7 per cent compared with the 12.8 per cent recorded in December.

Prof. Annim said non-food inflation stood at 14.1 per cent compared with the 12.5 per cent recorded in December, 2021.

“For the first time in seven months, non-food inflation exceeds food inflation (14.1 per cent versus 13.7 per cent respectively, and month-on-month basis, non-food inflation also exceeds food inflation this month by 0.2 percentage points (2.2 per cent versus 2.0 per cent).

The Government Statistician said inflation for locally produced items was 15.0 per cent, while inflation for imported items stood at 11.0 per cent.

On regional inflation, Prof. Annim said the overall year-on-year inflation ranged from 6.9 per cent in Eastern Region to 18.4 per cent in the Greater Accra Region.

“Greater Accra Region recorded the highest month-on-month inflation of 5.0 per cent.  Upper West Region recorded a negative month-on-month inflation rate in January 2022 (-1.0 per cent),” he said.

BY KINGSLEY ASARE

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