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Inflation has fallen to a single digit after Covid season this November

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Unexpectedly since the COVID-19 pandemic, the year-on-year inflation has fallen under 10% to 9.8% in November 2020, as per the Ghana Statistical Service (GSS).

The rate represents a 0.3% point decline in buyer inflation which gauges the normal change in the overall value levels of merchandise and enterprises throughout some undefined time frame and estimated by the Consumer Price Index (CPI), compared with the 10.1% recorded in October 2020.

The Government Statistician, Professor Samuel Annim, who declared this in Accra yesterday, said the public month-on-month inflation from October 2020 to November 2020 was 0.3%, easing back down for the fourth sequential month post (COVID-19), prompting a solitary digit for the month under audit.

Grocery Category

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

Territorial Inflation

At the local level, the general year-on-year inflation went from 3.4% in the Upper West and Volta areas to 15.2% in the Greater Accra Region

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

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

Food contributed 53.0% to the complete inflation and subsequently, it is as yet the transcendent driver of year-on-year inflation.

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

In contrast to food inflation, non-food inflation did not change, compared to last month, with the year-on-year rate standing at 8.3%

Prof. Annim said the ‘Housing, Water, Electricity, and Gas’ subclass contributed 22.6% to the total inflation, being the highest contribution of the division since the rebasing in August 2019.

Imported goods

The inflation of imported goods was 5.6% while that of local goods was 11.5%  on average.

Meanwhile, the month-on-month inflation for both imported goods and local goods was 0.4%.

The main contributor to local month-on-month inflation was the reduction of prices of locally produced food items.

Food items had average year-on-year inflation of 12.0%  and non-food items, an inflation rate of 9.2%rted food items had a month-on-month inflation rate of 0.8%, while non-food imported items had an inflation rate of 0.3%

Source: graphic.com