Inflation hits four-year high - Biggest jump since August 2019 rebasing

Inflation for November has hit 12.2 per cent, up from the 11 per cent recorded in October, Government Statistician, Professor Samuel Kobina Annim, has announced.

The figure is the highest inflation recorded in over four years when the economy recorded an inflation rate of 12.2 per cent in September 2017, and also the highest since rebasing in August 2019.

The main drivers of last month’s inflation rate was the housing, water, electricity, gas and other fuels sub sector which recorded the highest inflation rate of 20.5 per cent.

This was followed by the transport, the food and non-alcoholic beverages sub sectors which recorded inflation rates of 16 and 13.1 per cent, respectively.

The education services sub - sector recorded the lowest inflation rate of 0.7 per cent.

Impact on economy

Commenting on how the high inflation would impact the economy, Prof. Annim said while inflation rate affected diverse economic variables, the Ghana Statistical Service (GSS) did not specifically indicate the extent to which it impacted the economy in its press releases because that was not the purpose.

But rate of inflation, once it goes up, one would have to think about its impact on interest rates, overall vibrancy within the economy and one can even stretch the argument to look at its impact on exchange rate returns and other macro-economic variables.

There is some impact to the extent that it will affect unemployment. Inflation in itself as a macro-economic variable impacts all the key macro-economic variables,” he stated.

Regional inflation

At the regional level, the overall year-on-year inflation ranged from 2.7 per cent in the Eastern Region to 17.2 per cent in the Upper West Region.

This month’s food inflation of 13.1 per cent was higher than both last October’s food inflation of 11.5 per cent and the average of the previous 12 months which is 10.4 per cent.

Food inflation’s contribution to total inflation also increased from 44.9 per cent in October to 47.7 per cent November.

All the 15 food sub-classes recorded positive month-on-month inflation, with vegetables recording the highest of 3.8 per cent.

Non-food year-on-year inflation on the average also went up again in November, compared to October, from 11 to 11.6 per cent.

Comments

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...

Kofi Ahovi

Search This Blog