Ghana’s inflation rate for last month increased by nearly 1%, bringing the November inflation to 11.7% from the previous 11.6% recorded in October.
This was contained in the latest report by the Ghana Statical Service (GSS).
According to the report, the rise in the inflation rate was driven by significant growth in Ghana’s imports – particularly, of non-food commodities.
This increased importation consequently, resulted in a surge in inflation rates non-food commodities and ultimately, drove-up the country’s overall inflation rate.
During the period (between October and November 2017), some non-food commodities or utilities like transport, clothing & textile, furniture & housing, etc recorded an average inflation of 18.6, 18.3and 15.2 respectively.
{loadmodule mod_banners,nativeads}
Moreover, average inflation on miscellaneous stood at 14.2% during the same period.
While some market analysts have expressed optimism that the marginal increase in the inflation for November still falls within government’s target range: the fact that the rise was driven by higher level of importation in the country, raises dire concern in the light of the administration’s commitment to shore-up ‘made in Ghana’ consumption – particularly, in the critical non-food commodities & utilities and consequently, boost the nation’s economic growth.
www.primenewsghana.com/Ghana News