Inflation rate for November hits 50.3%

Government Statistician, Prof. Samuel Kobina Annim says Inflation rate for November, 2022 is 50.3 percent, the highest in the last two decades since the year 2000 whiles the month-on-month inflation for November was 8.6 percent higher than the previous month of 2.7 percent recorded in October 2022.

According to the Government Statistician, the drivers of the high inflation are food and non-food which are 55.3percent and 46.5 percent respectively.

“month-on-month food inflation was 10.4 percent and non-food inflation 7.2 percent higher than the previous month of 3.2 percent recorded in October, whereas, inflation for locally produced items was 48.3 percent and for imported items 55.1 percent”, he noted.

Prof. Annim further indicated that items like housing, water, electricity, gas, furniture, household equipment, transport, personal care, social protection, miscellaneous services including food and non-alcoholic beverages are also the main drivers of high inflation in the country.

In explaining the inflation rate at the regional level, he said, Greater Accra has the highest inflation rate of 34.6 percent as against North East with the lowest of 0.6 percent.The other regions with inflation rates include Ashanti-17.0 percent, Eastern 12.9, Central 9.8, Western 6.0, Bono 3.7, Volta 3.1, Northern 2.4, Western North 1.9, Upper East 1.8, Bono East 1.7, Oti 1.3, Ahafo 1.2, Savannah 1.1 and Upper West 0.9 percent respectively.

Source: Eric Nii Sackey