Inflation rate for November rises to 8.2 per cent

Accra- The Year-on-year inflation rate for November rose to 8.2 per cent, up by 0.5 percentage point from the 7.7 per cent recorded in October 2019.

The month-on-month inflation between October and November stood at 0.7 per cent.

Professor Samuel Kobina Annim, the Government Statistician, who announced this on Wednesday, said the rate of inflation was predominantly driven by food and transportation even though the latter’s contribution went down.

Food and non-alcoholic beverages recorded a year-on-year inflation rate of 8.4 per cent, 1.4 percentage points more than the 7.0 per cent recorded in October, while the non-food group recorded a rate of 8.0 per cent.

Due to its relative importance in consumption, food is still the main driver of inflation in Ghana, more so even than last month, Prof Annim said.

He said alcoholic beverages, tobacco and narcotics recorded 13.4 per cent while transport recorded 12.3 per cent.

Prof. Annim said between October and November 2019, the price level of food and non-alcoholic beverages went up slightly by 1.1 per cent, driven by increase in price levels of vegetables and fruits.

Inflation of imported goods was lower at 7.5 per cent, while that of local goods was 8.4 per cent on average.

At the regional level, the year-on-year inflation ranged from 3.5 per cent in Upper West Region to 12.8 per cent in the Greater-Accra Region.

Source: Ghana News Agency