Ghana inflation balloons to 12.2%

November 2021 inflation recorded a rate of 12.2% up from 11% in October. This is the highest in more than four years and since Ghana rebased the Consumer Price Index in 2019.

The 12.2% rate also exceeds the Bank of Ghana’s target band for a third straight month as food and transport costs climbed, according to Bloomberg.

The Ghana Statistical Service says prices of goods and services saw an upward adjustment during the period, pushing interest rates and cost of borrowing up.

Month-on-month inflation between October and November 2021 recorded a rate of 1.4%. Food inflation went up to 13.1% from a revised 11.5% in October, with non-food price-growth accelerating to 11.6% from 11%, partially fueled by higher transport costs.