Ghana: Inflation shoots up to 12.2% in November 2021

The month of November 2021 recorded the highest rate of inflation of 12.2% since the rebasing of the Consumer Price Index was done in 2019, the Ghana Statistical Service has indicated.

This indicates that prices of goods and services witnessed upward adjustment during the period, a situation that will push interest rates and consequently cost of borrowing up.

Housing, Water and Electricity (20.5%) once again topped the list of items in the inflation basket that contributed to the rate of increment.

Month-on-month inflation between October and November 2021 was however 1.4%.

Food inflation (13.1%) was higher than both last month food inflation (11.5%) and the average of the previous 12 months (10.4%).

Food inflation’s contribution to total inflation increased from 44.9% last month to 47.7% in November 2021. Overall month-on-month food inflation was 2.1%, which is higher than the 12 month national month-on-month rolling average of food inflation (1.0%).

All the 15^th food subclasses recorded positive month-on-month inflation with Vegetables recording the highest (3.8%).

Also, non-food year-on-year inflation on average went up again to 11.6 this month compared to last month 11.0%.

Only one out of the 12 non-food divisions had the 12 months rolling average to be higher than the year-on-year inflation for November 2021.

The inflation for imported goods was 9.8%, higher than the 8.8% recorded for last month, while the inflation for locally produced items was 13.0%, up from the 11.8% recorded last month.

Upper West region records highest inflation rate of 17.2%

The Upper West region still registered the highest inflation rate of 17.2% in November 2021, and it was followed by the Northern region with inflation rate of 16.4%.

The Greater Accra region however recorded the highest month-on- month inflation rate of 4.4% for November 2021, though its overall inflation rate was 13.4%.

Recreation, Sport and Culture, and Food and Nonalcoholic Beverages were the divisions with higher month-on-month inflation across all the regions.

Eastern region recorded the lowest inflation rate of 2.7%.

Source: joyonline