Inflation rate for November rises to 12.2 per cent …highest since August 2019

The country’s year-on-year inflation rate for November inched up to 12.2 per cent from 11.0 per cent in October, the Ghana Statistical Service (GSS) has announced.

This represents a year-on-year increase of 1.2 per cent and month-on-month inflation rate of 1.4 per cent.

Inflation is basically defined as the relative change in the price of goods and services between periods.

The Government Statistician, Professor Samuel K. Annim, who announced this at a news conference in Accra yesterday, said the rise in inflation in November was influenced by the rise in food inflation and housing,water, electricity, gas and transport.

“The November’s year-on-year inflation rate is the highest since the rebasing of the Consumer Price Index in August 2019,” he said.

Prof. Annimexplained that food inflation for November this year rose to 13.1 per cent from 11.5 per cent in October, with the average of the past 12 months as 10.4 per cent.

“Food inflation’s contribution to total inflation increased from 44.9 per cent last month to 47.7 per cent in November,” the Government Statistician said.

Prof. Annim said overall, month-on-month food inflation was 2.1 per cent, which was higher than the 12 month national month-on-month rolling average of food inflation of 1.0 per cent.

He said non-food inflation for November was 11.6 per cent compared with 11.0 per cent in October with the average for the past 12 months at 9.3 per cent.

“Housing, water, electricity, gas (20.5 per cent) and transport (16.0 per cent) recorded inflation rates above the national average of 12.2 per cent,” Prof. Annim said.

The Government Statistician said education recorded the lowest inflation rate in November at 1.0 per cent, followed by restaurants (4.4 per cent), insurance (7.1 per cent) and health (7.5 per cent).

Prof. Annim said food inflation at 13.1 per cent had begun to outstrip non-food inflation which stood at 11.6 per cent in November.

He said Non-food inflation dominated food inflation from March to June this year until food took a lead at 9.5 per cent.

Prof. Annim said the inflation for imported goods was 9.8 per cent (higher than the 8.8 per cent recorded for last month) while the inflation for locally produced items was 13.0 per cent (up from the 11.8 per cent recorded last month).

On regional inflation, the Government Statistician said the overall year-on-year inflation ranged from 2.7 per cent in the Eastern Region to 17.2 per cent in the Upper West Region, adding that Greater Accra Region recorded the highest month-on-month inflation (2.0 per cent) and all the regions recorded positive month-on-month inflation rates with Upper East Region recording the lowest (0.3 per cent).

BY KINGSLEY ASARE

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