Inflation rate for November 2021 shoots up to 12.2%

By InstinctBusiness Dec 16, 20210

The Ghana Statistical Service has indicated that the month of November 2021 recorded the highest rate of inflation of 12.2% since the rebasing of the Consumer Price Index was done in 2019.

This indicates that prices of goods and services witnessed upward adjustment during the period, a situation that will push interest rates and consequently cost of borrowing up.

Housing, Water and Electricity (20.5%) once again topped the list of items in the inflation basket that contributed to the rate of increment.

Month-on-month inflation between October and November 2021 was however 1.4%.

Food inflation (13.1%) was higher than both last month food inflation (11.5%) and the average of the previous 12 months (10.4%).

Food inflation’s contribution to total inflation increased from 44.9% last month to 47.7% in November 2021. Overall month-on-month food inflation was 2.1%, which is higher than the 12-month national month-on-month rolling average of food inflation (1.0%).

All the 15^th food subclasses recorded positive month-on-month inflation with Vegetables recording the highest (3.8%).

Also, non-food year-on-year inflation on average went up again to 11.6 this month compared to last month 11.0%.

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.

The inflation for imported goods was 9.8%, higher than the 8.8% recorded for last month, while the inflation for locally produced items was 13.0%, up from the 11.8% recorded last month.

Upper West region records highest inflation rate of 17.2%

The Upper West region still registered the highest inflation rate of 17.2% in November 2021, and it was followed by the Northern region with inflation rate of 16.4%.

The Greater Accra region however recorded the highest month-on- month inflation rate of 4.4% for November 2021, though its overall inflation rate was 13.4%.

Recreation, Sport and Culture, and Food and Nonalcoholic Beverages were the divisions with higher month-on-month inflation across all the regions.

Eastern region recorded the lowest inflation rate of 2.7%.