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Ghana closed 2021 with inflation rate at 12.6%

GHANA consumer inflation maintained its upward surge to end 2021 at 12.6 percent, according to the latest data released by the Ghana Statistical Service (GSS)Wednesday, Koku Devitor reports.

The December 2021 rate was the highest recorded since April 2017 which recorded a rate of 13.04 percent, and was also higher than the central bank’s inflation target band of 8+/-2 percent.

Government Statistician Samuel Kobina Annim attributed the surge in the headline inflation rate to the rise in non-food inflation to 12.5 percent in December from 11.6 percent in November.

‘Housing, Water, Electricity, Gas and other Fuels (20.7 percent) recorded the highest inflation in December 2021. It was followed by Transport with 11.7 percent,’ said Annim.

The inflation rate for food and non-alcoholic beverages decreased to 12.8 percent in December from 13.1 percent a month earlier.

This caused the contribution of food and non-alcoholic beverages to overall inflation to decline marginally from 47.7 percent in November to 45.2 percent in December.

‘This is the sixth consecutive month of consistent increase in the annual inflation rate. From a record low of 7.5 percent in May, headline inflation increased to 7.8 percent in June and continued through the following months until it hit 12.6 percent in December,’ added Annim.

He added that inflation for locally produced items with 13.3 percent continued to dominate inflation for imported items which ended the year at a rate of 10.4 percent.

 

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