Ghana inflation rate for November gallops to 50.3% in 18 months straight

The year-on-year inflation rate rose sharply to 50.3 per cent in November, up from 40.4 per cent the previous month on the back of rising food, water and transport costs, the Ghana Statistical Service said on Wednesday. 

The jump in the rate represents the 18th continuous month of increase. 

“This means that in the month of November 2022, the general price level was 50.3 per cent higher than November 2021,” the Government Statistician Professor Samuel Annim said at a press conference. 

Cost pressures came from the category of housing, water, gas and electricity, with prices up 79.1 per cent. 

Furnishings and household equipment also rose to 65.7 per cent, followed by transport, including fuel, at 63.1 per cent.  

Transport had the highest month-on-month inflation in November at 12.8 per cent. 

Month-on-month inflation between October and November 2022 was 8.6 per cent. 

Food inflation stood at 55.3 per cent up from October’s level of 43.7 per cent and monthly inflation of 10.4 per cent. 

On the other hand, non-food Inflation went up to 46.5 per cent compared to 37.8 per cent in October. 

Month-on-month Non-Food inflation was 7.2 per cent. 
 
Inflation for locally produced items was 48.3 per cent while that of imported items stood at 55.1 per cent. 

Source: GNA