Inflation hits 4-year record high at 17%

The rate at which the prices of goods and services change in Ghana has hit 17% for the month of November, the highest in the last four years.

This was announced by the Ghana Statistical Service on Wednesday.

The 17% is however just a marginal increase from the October 16.9% recorded.

According to the Deputy Government Statistician, Baah Wadeah, the rate at which the prices of food rose in November was just about 0.1%, increasing from 6.5% to 6.6%.

The average price of vegetables declined by about 5.5%, but the overall food inflation was driven by coffee, tea and cocoa, which recorded inflation rate of 20.5%.

In the previous month (September), inflation was at 16.50%, showing a continuous rise of the country’s inflation for several months.

The non-food inflation was flat at 24.1%, same as in October.

The Central Region recorded the highest rate of inflation, at 19.5% while the Upper West Region recorded the lowest at 13.1%.

The Greater Accra Region recorded an inflation rate of 16.3% in the month of November.

In terms of imported items, inflation hit 24.2%, locally produced items recorded an inflation rate of 14.4%

Government is looking to reduce inflation to about 11.5% by the end of 2015 as announced by the Finance Minster Seth Terkper in the 2015 budget statement presented to Parliament in November.

source : citifmonline.com