The national year-on-year inflation rate rose by 9.9 percentage points in the world’s second-largest cocoa producing nation, Ghana, to 50.3% in November, 2022, up from 40.4% a month prior.
This was driven mainly by increases in transport, furnishing and household equipment expenses as well as housing, water, electricity, gas and other fuels.
The current inflation rate is the seventh-highest inflation rate in the world among 120 nations tracked by Bloomberg, which attributed the more-than-expected jump in Ghana’s inflation rate in November, 2022 to a slump in the cedi.
The Consumer Price Index (CPI) data showed that the CPI for November 2022, based on the new series, was 156.8 relative to 104.5 for November 2021, using the linked series.
Government Statistician, Prof. Samuel Kobina Annim, told reporters on Wednesday, December 14, 2022 in the capital, Accra, that the current inflation rate means that general average price levels were 50.3% higher in November this year than the corresponding month last year.
Five sub-categories recorded year-on-year inflation rates above the national average. These include: housing, water, electricity, gas and other (79.1%); Furnishing, household equipment (65.7%); transport (63.1%); personal care, social protection, and music services (56.3%); and Food and non-alcoholic beverages (55.3%).
On a month-on-month basis, the data indicated that inflation between October and November 2022 was 8.6%. Three sub-categories recorded month-on-month inflation rates higher than the national average with transport (12.8%) experiencing the largest increase.
The other two sub-categories with high rates than the national month-on-month average were Food and non-alcoholic beverages (10.4%) as well as Alcoholic beverages, tobacco and narcotics (8.7%).
The Insurance and financial services sub-class, which recorded the least year-on-year inflation rate (10.2%), experienced a month-on-month deflation of 2.5% in November, 2022.
Food and non-food inflation
According to the data, year-on-year food inflation for the month of November, 2022 was 55.3%, up from 43.7% recorded in October.
Focusing on food inflation on a year-on-year basis for November, 8 subclasses recorded higher rates. This was distantly led by Water (93.2%) followed by Milk, Other Dairy Products and Eggs (75.4%); Fruit and vegetable juices (73.1%); and Sugar, Confectionery and desserts (70.0%).
The others include: Tea, mate’ and other plant products for infusion (68.1%); Cereals and cereal products (66.1%); Fish and other seafood (61.9%) as well as Fruits and nuts (58.6%).
Month-on-month Food inflation also increased sharply to 10.4%, 7.2 percentage points higher than 3.2% recorded in October 2022. This was orchestrated by water (18.3%); Tea, mate’ and other plant products for infusion (15.5%); and Ready-made food and other food products (14.6%).
Non-food year-on-year inflation also went up to 46.5% in November 2022, up from 37.8% recorded in October this year. Correspondingly, month-on-month Non-Food inflation rose significantly to 7.2% in the 11th month of the year, rising from 2.3% in October.
The data further revealed that inflation for locally produced items rose to 48.3%, up from 43.7% in October 2022. Likewise, inflation for imported items inched up to 55.1% in November, 2022, from 43.7% recorded in the preceding month.
Regional analysis showed that the Eastern Region (63.3%) recorded the highest year-on-year inflation rate, followed by the Greater Accra Region (61.6%). Volta Region recorded the lowest inflation rate of 34.5% in November, 2022.
Central Region (71.7%) recorded the highest food inflation while Greater Accra recorded the highest non-food inflation (62.4%).
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