Ghana inflation for November jumps to 8.2%

Ghana inflation for the month of November 2019 rose .5 per cent to reach 8.2 per cent from the 7.7 per cent recorded in October, according to the Ghana Statistical Service (GSS).

The GSS says month-on-month inflation between October 2019 and November 2019 was .7 per cent. Alcoholic Beverages, Tobacco & Narcotics (13.4 per cent) and Transport (12.3 per cent) were the Divisions with the highest rates of inflation. Due to its relative importance in consumption, Food is still the main driver of inflation in Ghana, more so even than last month, it stated.

In a report copied to ghanabusinessnews.com, the GSS says the Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 8.4 per cent.

“This is 1.4 percentage points higher than what was recorded in October 2019 (7.0 per cent). Between October 2019 and November 2019 the price level of Food and Non-alcoholic beverages went up slightly (1.1 per cent). This rise is pre-dominantly driven by an increase in price levels of Vegetables. National Non-food year-on-year inflation for November 2019 was 8.0 per cent, down from 8.2 per cent recorded in October 2019,” the Service says.

Non-food Sublasses with the highest year-on-year inflation include: Narcotics (46.7 per cent), Postal and courier services (32.5 per cent), Jewellery and watches (22.1 per cent), Repair and hire of furniture (21.3 per cent), Solid fuels (17.2 per cent), Passenger transport by road (15.0 per cent). Maintenance and repair of personal transport equipment (-10.1 per cent), Maintenance and repair of personal transport equipment (-10.1 per cent), Education (not defined by level) (-7.9 per cent), Sports equipment (-1.5 per cent), and Electricity (-0.9 per cent) had negative year-on-year inflation, it adds.

The inflation of imported goods was 7.5 per cent, the GSS says, while the inflation of local goods was 8.4 per cent on average.

“This differs from the trend in the previous months, where inflation of local goods was lower than the inflation of imported goods. In October 2019 the inflation for imported goods was 8.3 per cent, while the inflation of local goods was 7.5 per cent on average,” the Service states.

By Emmanuel K. Dogbevi