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November Inflation Hits All Time High Since Rebasing - GSS

November Inflation Hits All Time High Since Rebasing - GSS

The percentage measure of the general price level of goods and services consumed nationwide, inflation, for the month of November 2021 has hit 12.2 percent, the highest inflation rate since August 2019 according to the Ghana Statistical Service (GSS)

Presenting the Consumer Price Index (CPI) data for the month of November 2021 on Wednesday December 15 2021, Government Statistician, Professor Samuel Kobina Annim, said the 12.2 percent recorded in November 2021 indicates a 1.2 percentage increase higher than the year-on-year rate of inflation that was recorded for the month of October 2021 which stood at 11.0 percent.

He added that since the August 2019 rebasing of inflation, the November 2021 recorded inflation rate is the highest ever to be recorded.

“This 12.2 percent that we have recorded for the month of November is the ever-highest rate of inflation since the rebasing of inflation started in August 2019. Indeed, this 12.2 percent rate of inflation for the month of November 2021 surpasses the rate of inflation recorded during the COVID-19 era which hit 11.4 percent,” says Professor Annim.

The month-on-month inflation, that is between October 2021 and November 2021 shows that prices of goods and services went up by 1.4 percent.

Housing, Water, Electricity, and Gas inflation contribution to the overall inflation declined for the month of November 2021 compare to the previous months precisely a slight decline of 2.1 percent.

That notwithstanding, the Housing, Water, Electricity and Gas division was among three divisions that recorded rate of inflation above the national overall rate.

“Across the 13 divisions, we identified 3 divisions that recorded rate of inflation higher than the national rate of inflation. Specifically with Housing, Water, Electricity, and Gas standing at 20.5 percent, transport standing at 16.0 percent and food and non-alcoholic beverages standing at 13.1 percent,” Professor Annim concluded.

 

Source: Mohammed Bomanso Issah (Real Estate Times Africa)

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