Inflation gains slightly in Nov.

Headline inflation rose slightly from 9.2 percent in October to 9.3 percent in November, the Ghana Statistical Service (GSS) has announced.

 

The marginal rise, which confirmed analysts’ predictions, was driven generally by both the food and non-food sectors.

Government Statistician, Dr. Philomena Nyarko, speaking at a media conference in Accra, explained: “The food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 3.9 percent, down from the 4.1 percent recorded in October 2012.

“Eight subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group’s average inflation rate of 3.9 percent.”

Dr. Nyarko said non-food inflation recorded a rate of 12.4 percent, with transport recording the highest rate of 20.8 percent followed by alcoholic beverages, tobacco and narcotics with 16.5 percent.

Six sub-groups recorded year-on-year inflation rates above the group’s average rate. 

At the regional level, the year-on-year inflation rate ranged from 6.3 percent in the Upper East and Upper West regions to 11.2 percent in the Greater Accra region.

Four regions, including Greater Accra, Central, Northern and Ashanti recorded inflation rates above the national average of 9.3 percent.

The Bank of Ghana (BoG) has said it expects the path of disinflation to continue into 2013 – barring risks associated with the recovery of global demand and the extent to which crude oil prices might rebound.

The Bank held its benchmark interest rate last month at 15%, citing easing inflation pressures and the relative stability of the cedi. 

Ghana’s economy is projected by the International Monetary Fund (IMF) to grow at 8.2% this year, and 7.8% in 2013.