Baah Wadieh, acting Government Statistician
The current National Democratic Congress (NDC) government is set to miss its inflation target of either 12 or 13 percent for the end of year.
The latest figures released by the Ghana Statistical Service (GSS) indicate that the annual year-on-year inflation reduced from 15.8 percent in October to 15.5 percent in November.
People might spend more owing to Nana Addo Dankwa Akufo Addo’s victory in the just-ended presidential elections, as well as the impending Christmas.
President Mahama indicated during his ‘Accounting to the People Tour’ in the Brong Ahafo Region that “inflation has started slowing and we expect that by the end of the year, it will come down from 18 percent to about 12 percent or 13 percent and next year, we expect it to go into a single digit.”
Baah Wadieh, acting Government Statistician, who released the November figure to the media in Accra yesterday, said the monthly change rate for November 2016 was 0.8 percent.
He said the food inflation rate for November 2016 was 9.3 percent compared to 8.7 percent recorded in October 2016 while the non-food inflation rate for November 2016 was 18.7 percent compared to 19.4 percent recorded in October 2016.
He also indicated that “the non-food inflation rate of 18.7 percent is more than two times that of the food inflation rate 9.3 percent,” adding that the inflation rate for imported items was 16.2 percent in November 2016 compared to 17.3 percent recorded in October 2016.
Furthermore, the inflation rate for locally produced items was 15.2 percent in November 2016 compared to 15.1 percent recorded in October 2016.
Greater Accra Region recorded the highest combined inflation rate and the highest non-food inflation rate.
While the Western region recorded the highest food inflation rate in November 2016, Volta Region recorded the lowest (13.1 percent).
Western Region recorded the highest food inflation rate in November 2016.
Seven food sub-groups recorded inflation rates higher than the regional food inflation rate of 12.4 percent.
Mr Wadieh added that the main “price drivers” for the non-food inflation rate were Transport (27.8 percent), Education (25.7 percent), Recreation and Culture (21.0 percent), Housing, water, electricity, gas and other fuels (20.3 percent), Furnishings, household equipment and routine maintenance (20.3 percent) and Health (20.0 percent).
For the food inflation rate, he named the “price drivers” as mineral water, soft drinks, fruit and vegetable juices (14.1 percent), coffee, tea and cocoa (14.0 percent), fish and sea food (13.4 percent), meat and meat products (13.3 percent), sugar, jam, honey, chocolate and confectionery (12.5 percent).
By Samuel Boadi
samuel10gh@yahoo.com