Monday, September 25, 2023

Imported goods record 11% inflation

The inflation for imported goods was 11%, which is higher than the 10.4% recorded for December 2021, while the inflation for locally produced items was 15.0%,up from the 13.3% recorded in December 2021.

The national year-on-year inflation rate was 13.9% in January 2022, which is 1.3 percentage points higher than the 12.6% recorded in December 2021.

The Month-on-month inflation between December 2021 and January 2022 was 2.1% .

Two Divisions (Housing, Water, Electricity, Gas and Other Fuels, and Transport) recorded inflation rates above the national average of 13.9% with Housing, Water, Electricity, Gas and other Fuels (28.7% ) recording the highest inflation.

At the regional level, the overall year-on-year inflation ranged from 6.9% in the Eastern Region to 18.4% in the Greater Accra Region.

Greater Accra Region recorded the highest month-on-month inflation (5.0%). Upper West region recorded a negative month-on-month inflation rate in January 2022 (-1.0%).

This month’s food inflation (13.7%) is higher than both last month food inflation (12.8%) and the average of the previous 12 months (10.4%).

Food inflation’s contribution to total inflation decreased marginally from 45.2% in December 2021 to 44.2% in January 2022.

Overall month-on-month food inflation was 2.0%, which is higher than the twelve month national month-on-month rolling average of food inflation (1.1%).

Fourteen out of the fifteen food subclasses recorded positive month-on-month inflation. with Fruit and Vegetable juices recording a deflation (-0.4%). Non-food year-on-year inflation on average went up again in January 2022 compared to December 2021 (from 12.5% to 14.1%).

Two out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for January 2022 for the divisions 1). Housing, Water, Electricity, Gas and other fuels recorded the highest inflation in January 2022 (28.7%).

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