The Government Statistician, Prof Samuel Kobina Annim, has announced that Ghana’s inflation rate for November 2022, surged to 50.3 percent as against 40.4 percent rate recorded for the month of October this year.
Prof. Annim told a news conference on Wednesday in Accra that the November inflation rate was the first in 27 years since inflation rate exceeded beyond the 50 percent mark.
According to him, the increase is the 18th consecutive time that the rate has increased, a development which is expected to further worsen the disposal income of workers, and impact on the already high lending rates, among other things.
He also announced that food inflation increased from 43.7 percent to 55.3 percent in November, while non-food inflation also rose to 46.5 percent.
The report by the Graphic on Thursday quoted the Government Statistician as saying that November’s inflation was driven by the sharp rise in the prices of housing, water, electricity, gas and other fuels division which recorded an inflation rate of 79.1 percent.
According to him, this was followed by furnishings and household equipment (65.7 per cent); transport (63.1 per cent); personal care, social protection and miscellaneous goods and services (56.3 per cent) as well as food and non-alcoholic beverages 55.3 per cent.
He also explained that the education division and the insurance and financial services division recorded the lowest inflation rates of 10.7 percent and 10.2 percent respectively.
Prof Annim added that inflation for locally produced items was 48.3 percent, while that for imported items increased to 55.1 percent.
GIK/APA