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Business News of Wednesday, 11 December 2019

Source: classfmonline.com

Inflation jumps from 7.7% to 8.2%

Inflation shot up by 0.5 per cent in the month of November to reach 8.2 per cent, the highest since the rebased Consumer Price Index three months ago.

According to the Ghana Statistical Service, Alcoholic Beverages, Tobacco & Narcotics (13.4%) and Transport (12.3%) were the divisions with the highest rates of inflation.

But due to its relative importance in consumption, the food category is still the main driver of inflation in Ghana – even more so than last month.

The Food and Non-alcoholic beverages division recorded a year-on-year inflation rate of 8.4%.

This is 1.4 percentage points higher than the October 2019 rate of 7.0%.

Fruits and Nuts (17.1%); Ready-made food (12.7%); Cocoa drinks (12.6%); Fruits and vegetables (12.3%); Coffee and coffee substitutes (12.2%) and vegetables (9.2%) registered inflation rate higher than the national average.

However, the Non-food year-on-year inflation for November 2019 was 8.0%, down from the 8.2% recorded in October 2019.

Inflation for locally-produced items was 8.4% while inflation for imported items was 7.5%.

For the regions, Greater Accra (12.8%), Central (10.0%) and Volta (9.5%) recorded inflation rates above the national average of 8.2%.

The Upper East Region, however, recorded the lowest year-on-year inflation rate of 3.5%.

CPI measures changes in the price of a fixed basket of goods and services purchased by households over a period.