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Inflation rate for November increases to 12.2%

Inflation rate for November increases to 12.2%

Government Statistician, Prof. Kobina Annim says the national year-on-year inflation rate for November 2021 was 12.2 percent which is 1.2 percentage points higher than the 11.0 percent recorded in October the same year.

According to him, the month-on-month inflation was 1.4 percent recorded between October and November 2021, whereas, Housing, Water, Electricity, Gas and other Fuels was 20.5 percent which is highest inflation rates of all divisions.

Prof. Annim said Regional inflation ranges from 2.7 percent in the Eastern region to 17.2 percent in the Upper West region whiles the Greater Accra region recorded the highest month inflation of 2.0 percent.

“All regions recorded positive month-on-month inflation rate with Upper East region recording the lowest of 0.3 percent”, he noted.

On food and Non-food inflation, the Government Statistician further said food inflation for this month is 13.1 percent as against 11.5 percent which is higher and the average of the previous 12 months is 10.4 percent.

He continued that food inflation’s contribution to total inflation increased from 44.9 percent last month to 47.7 percent in November 2021.

“The overall month-on-month food inflation was 2.1 percent which is higher than the twelve-month national month-on-month rolling average of food inflation which was 1.0 percent. All the fiftheen food subclasses recorded positive month-on-month inflation with vegetable recording the highest of 3.8 percent”, he added.

He stressed that the Non-food year-on-year inflation on average went up again this month compared to the last month from 11.0 percent to 11.6 percent, adding that, only one out of the 12 Non-food divisions had the 12 months rolling average to be higher than the year-on-year inflation for November 2021.

“Housing, Water, Electricity, Gas and other fuels recorded the highest inflation of 20.5 percent this month”, Prof. Annim said.

He again stressed that the Greater Accra region recorded the highest month-on-month inflation of 4.4 percent for November 2021, Whereas, Recreation, Sport and Culture, Food and Non-alcoholic Beverages are the divisions with higher month-on-month inflation across all the regions.

On imported and local inflation, he said, inflation for imported goods was 9.8 percent which is higher than the 8.8 percent recorded for last month while the inflation for locally produced items was 13.0 percent which is up from the 11.8 percent recorded last month.

“Inflation hits ever highest level since rebasing in August 2019, surpassing rates recorded during the COVID-19 pandemic” he noted.

Eric Nii Sackey

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