Ghana inflation rate for November goes up to 17.6%

The year on year inflation for November stood at 17.6 per cent, up by 0.2 percentage points, from 17.4 per cent recorded in October 2015.

Addressing a news conference on the rate of inflation, Mr Baah Wadieh, Deputy Government Statistician, said the year-on-year food inflation rate for November was 7.9 per cent compared with the 7.8 per cent recorded for October 2015.

“We also have the year-on-year non-food inflation rate for November 2015, reading at 23.2 per cent as compared with the 23.0 per cent recorded in October 2015,” he said.

He said the year-on-year inflation rate for imported items of 18.6 per cent for November 2015, was 1.4 per cent higher than that of locally produced items of 17.2 per cent.

He cited education (29.6 per cent, recreation and culture (26.5 per cent), transport (26.2 per cent), clothing and footwear (25.6 per cent), furnishings, housing, water, electricity, gas and other fuels (24.1per cent) as the main price drivers for the non-food inflation rate.

“The price drivers for the food inflation rate were vegetables (13.4 per cent), and mineral water, soft drinks, fruits and vegetable juices (8.4 per cent ) as the main price drivers for the food inflation rate.

The Consumer Price Index measures the change over time in the general price for the purpose of consumption, with reference to the price level in 2012, which is the year base with an index of 100.

Source: GNA