Ghana’s Inflation Drops To A Single Digit

Ghana can for now, hurl a sigh of relief, as the country has for the time since the COVID-19 pandemic, seen its year-on-year inflation fallen under 10% to 9.8 percent in November 2020, as per the Ghana Statistical Service (GSS).

The rate represent a 0.3 percentage point decline in consumer inflation which measures the average change in the overall value levels of goods and services throughout some stretch of time and estimated by the Consumer Price Index (CPI), comparative with the 10.1 percent recorded in October 2020.

Meanwhile, the national month-on-month inflation from October 2020 to November 2020 was 0.3 percent, easing back down for the fourth successive month post (COVID-19), prompting a solitary digit for the month under survey.

Two of the 13 divisions had higher than normal inflation rates; housing, water, power, gas (21.0 percent, up from 20.2 percent recorded a month ago), and food and non-alcoholic drinks (11.7 percent down from 12.6 percent a month ago).

At the territorial level, the general year-on-year inflation went from 3.4 percent in the Upper West and Volta districts to 15.2 percent in the Greater Accra Region.

The Greater Accra Region is the main locale that recorded a food inflation pace of more than 8 percent (13.7 percent).

The distinction between food (13.7 percent) and non-food (16.2 percent) inflation was simply 2.5 rate points, while in the Ashanti Region, the thing that matters was 9.4 rate focuses (5.7 percent contrasted with 15.1 percent).

Food contributed 53.0 percent to the all out inflation and along these lines, it is as yet the overwhelming driver of year-on-year expansion.

Within the food division, fruits and nuts, representing 21.7 per cent was the subclass with the highest rates of inflation, followed by vegetables, representing 19.5 per cent.

As opposed to food inflation, non-food inflation didn’t change, contrasted with a month ago, with the year-on-year rate remaining at 8.3 percent.

The Housing, Water, Electricity, and Gas’ subclass contributed 22.6 percent to the absolute swelling, being the most elevated commitment of the division since the rebasing in August 2019.

The inflation of imported products was 5.6 percent while that of local merchandise was 11.5 percent all things considered.

Meanwhile, the month-on-month inflation for both imported merchandise and local products was 0.4 percent.

The main contributor of local month-on-month inflation was the decrease of costs of privately delivered food things.

Food items had an average year-on-year inflation of 12.0 per cent and non-food items, an inflation rate of 9.2 per cent.

Imported food items had a month-on-month inflation rate of 0.8 per cent, while non-food imported items had an inflation rate of 0.3 per cent.