Housing, fuels, food etc. push November inflation to 12.2 %, highest since 2019

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Increases in prices associated with housing and transport across the country as well as an overall increase in the contribution of food inflation to national inflation have pushed the rate for November 2021 to 12.2 %.

This is according to the Ghana Statistical Service (GSS). The rate of inflation for the month of November is the highest recorded since the Ghana Statistical Service rebased the Consumer Price Index in August 2019.

According to data from the GSS, the 12.2 % year-on-year inflation rate recorded for the month of November 2021, represents the sixth consecutive time the inflation rate has risen since May 2021, and the fourth time this year that the rate has risen above the Bank of Ghana’s targeted band of 8 +/- 2

Government Statistician, Professor Samuel Kobina Annim noted that the latest rate of inflation beats the inflation rate recorded at the peak of the COVID-19 pandemic.

“The 12.2% we’ve recorded is the highest rate of inflation we’ve recorded since the rebasing of inflation started in August 2019. Indeed the 12.2% surpasses the rate of inflation that we recorded during the COVID-19 era which hit 11.4%.”

Food and Non-Food Inflation

This month food inflation (13.1%) is 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.

Overall month-on-month food inflation was 2.1%, which is higher than the twelve-month national month-on-month rolling average of food inflation (1.0%). All the fifteen food subclasses recorded positive month-on-month inflation (see figure 4) with vegetables recording the highest (3.8%)

Non-food year-on-year inflation on average went up again this month compared to last month (from 11.0% to 11.6%). Only one out of the 12 Non-food Divisions had the 12 month rolling average to be higher than the year-on-year inflation for November 2021. Housing, Water, Electricity, Gas other fuels recorded the highest inflation this month (20.5%).

Regional Inflation

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At the regional level, the overall year-on-year inflation ranged from 2.7% in the Eastern Region to 17.2% in the Upper West Region. Greater Accra Region recorded the highest month on month inflation (2.0%). All regions recorded positive month-on-month inflation rates with the Upper East region recording the lowest (0.3%).

By: Citi Business News