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Finance & InvestmentThu, 10 Dec, 20

Inflation Hits a Single-Digit of 9.8% in November 2020.

Inflation Hits a Single-Digit of 9.8% in November 2020.
Prof. Samuel Kobina Annim, Government Statistician

The proportionate change in the general prices of goods and services consumed by households for the month of November has reduced to 9.8% according to latest data released by the Ghana Statistical Service. This indicates a 30-basis points reduction from the month of October 2020 and an increase in the Consumer Price Index (CPI) between November 2019 and 2020 though they both result in single-digit inflation figures.

This is the fourth consecutive time the month-on-month inflation has moderately declined since the third quarter of 2020. The current inflation rate indicates a return to single-digit inflation (year-on-year) since its last shot-up to 10.6% in April 2020 as a result of panic-buying following the announcement of a lockdown due to the Covid-19 pandemic.

According to the GSS, the contribution of Housing, Water, Electricity and Gas to the current inflation is the highest since rebasing was done in 2019 although Food remains a predominant driver of year-on-year inflation.

Housing, Water, Electricity and Gas contribution to inflation is 22.6% - this is “higher than all other Divisions and higher than on average between September 2019 and March 2020 (0.7%), but lower than the average in the months after COVID-19”. The Service attributes this to the increase in the rents and refuse disposal.

The declining inflation is gradually inching towards Bank of Ghana’s target of 8% which may cause the Monetary Policy Committee (MPC) to revise the current policy rate downwards during its next meeting scheduled to take place between 20 - 22 January, 2021.

However, a possible downward revision or otherwise would be largely dependent on the country’s prevailing deficit orientation.

 

Source: Sampson Kesse (Real Estate Times Africa)

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