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Inflation rises to 11.7% in Nov.

BY ROSEMOND BOATENG ADDAI Rosemond.adjetey@yahoo.com


 

THE CONSUMER Price Index (CPI) which measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption for the month of November 2017was  recorded as 11.7%.

Mr Baah Wadieh, Acting Government Statistician of Ghana Statistical Service, explained that the year-on-year inflation rate went up by 0.1 percentage point from the 11.6% recorded in October 2017.

“The monthly change rate for November 2017 was 0.9% same as the rate recorded for October 2017.

Food and non-food inflation

The Statistician said the food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.9%.

“This is 0.3 percentage point lower than the rate recorded in October 2017. Two subgroups for food and non-alcoholic beverages group recorded an inflation rate higher than the group’s average rate of 7.9%,” he explained.

Mr Wadieh added that the main price drivers for the food inflation were vegetables, 0.9% and fish and sea food  8.8%.

For non-food inflation rate, the Statistician said the group recorded a year-on-year inflation rate of 13.6% in November 2017, compared to the 13.2% recorded for October 2017.

He said “the main price drivers for the non-food inflation rate were transport, 18.6%, clothing and footwear 18.3%, recreation and culture 17.1%, furnishing, household equipment and routine maintenance 15.2% and miscellaneous goods and services 14.0%.”

Regional differentials

He also said that four regions, Greater Accra, Upper West, Brong Ahafo and Ashanti recorded inflation rates higher than the national average of 11.7%.

“Greater Accra Region recorded the highest year-on-year inflation rate of 12.7%, followed by Upper West Region 12.4%, while the Upper East Region recorded the lowest year-on-year inflation rate of 10.0% in November 2017,” Mr Wadieh explained

He said in November 2017, the year-on-year inflation rate for imported items of 13.1% was 1.9 percentage points higher than that of locally produced items of 11.2%.

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