November inflation 9.3%

The rate of inflation for the November is 9.3 percent, down from the 9.5 percent recorded in October 2018 – the lowest since January 2013, Government Statistician Baah Wadieh has announced.

At a press conference in Accra, Mr Wadieh said: “This means that the general price level went up by 0.7% between October 2018 and November 2018. The monthly change rate recorded for October 2018 was the same rate as in November 2018.”

Two main components – Food inflation and Non-food inflation accounted for the drop.

According to Mr Wadieh, the food inflation rate for November 2018 was 8.6%, compared to the 8.9% recorded in October 2018, whereas the non-food inflation rate for November 2018 was 9.7%, compared with the 9.8% recorded in October 2018.

“The main ‘price drivers’ for the non-food inflation rate were Transport (13.7%), recreation and culture (13.3%), clothing and footwear (12.6%), furnishing, household equipment and routine maintenance (11.4%) and miscellaneous goods and services (10.3%)."

“The ‘price drivers’ for the food inflation rate were coffee, tea and cocoa (12.8%), fruits (11.0%), meat and meat products (10.2%), mineral water, soft drinks, fruit and vegetable juices (9.4%), food and food products n.e.c. (9.4%), and vegetables (9.1%).”

Five regions (Upper West, Brong Ahafo, Western, Ashanti and Northern) recorded inflation rates above the national average rate of 9.3 per cent.

Upper West Region recorded the highest year-on-year inflation rate of 11.5%, followed by Brong Ahafo Region (10.2%) while the Upper East Region recorded the lowest year-on-year inflation rate (7.6%) in November 2018.