ADVERTISEMENT

Ghana’s November inflation rate drops to 9.3%; lowest in 5 years

The Acting Government Statistician, Baah Wadieh said the drop in the inflation rate for November, is due to the general drop in the inflation rate for both the non-food inflation and food inflation groups.

___7180248___2017___8___21___15___cedi-notes

Ghana’s inflation rate for November 2018 has dropped to 9.3 per cent.

This is a reduction of 0.2 per cent from the 9.5 per cent recorded in October 2018.

Speaking to the media, the Acting Government Statistician, Baah Wadieh said this is the lowest inflation rate Ghana has recorded since 2013.

Inflation measures the rate of change in prices of goods and services over a period of time.

ADVERTISEMENT

Mr Baah Wadieh said the drop in the inflation rate for November, is due to the general drop in the inflation rate for both the non-food inflation and food inflation groups.

“The monthly change rate in November 2018 was 0.7 percent and is the same as the rate recorded in October 2018. The year on year non-food inflation rate for November 2018 was 9.7 percent as compared to a rate of 9.8 percent recorded in October 2018. And the year on year food inflation rate for November 2018 was 8.6 percent as compared to a rate of 8.9 percent recorded in October 2018.”

For non-food inflation, the main price drivers 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%).

Meanwhile, the price drivers for the food inflation rate were Coffee, tea and cocoa (12.8%), Fruits (11%), 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%).

Regional breakdown

ADVERTISEMENT

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

The year-on-year inflation rate at the regional level ranged from 7.6 per cent in the Upper East region to 11.5 per cent in the Upper West region.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT