Inflation Hits 4 Year Record High At 17%

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The rate at which the prices of goods and services change in Ghana has hit 17 percent for the month of November, the highest in the last four years.
This was announced by the Ghana Statistical Service on Wednesday.

The 17 percent is, however, just a marginal increase from the October of 16.9 percent.

According to the Deputy Government Statistician Baah Wadeah, the rate at which the prices of food rose in November was just about 0.1 percent, increasing from 6.5 percent to 6.6 percent.

The average price of vegetables declined by about 5.5 percent but the overall food inflation was driven by coffee, tea and cocoa which recorded inflation rate of 20.5 percent.

In the previous month (September), inflation was at 16.50 percent, showing a continuous rise of the country’s inflation for several months.

The non-food inflation was flat at 24.1 percent, same as in October.

The Central Region recorded the highest rate of inflation, at 19.5 percent while the Upper West Region recorded the lowest at 13.1 percent.
The Greater Accra Region recorded an inflation rate of 16.3 percent in the month of November.

In terms of the imported items in Ghana, inflation hit 24.2 percent; locally produced items recorded an inflation rate of 14.4 percent
Government is looking to reduce inflation to about 11.5 percent by the end of 2015, as announced by the Finance Minster Seth Terkper in the 2015 budget statement presented to Parliament in November.

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