Inflation For November 2022 Hits 50.3% Despite Cedi’s Appreciation And Fuel Price Reduction

• Ghana's year-on-year inflation has shot up significantly to 50.3% in November 2022 from 40.4% in October 2022
• November 2022's inflation was driven by the housing, water, electricity, gas and other fuels
• This was followed by furnishings and household equipment (65.7%); transport (63.1%) among others

Despite the fast appreciation of the Ghana cedi against the US dollar and the two consecutive reductions in the price of petrol and diesel, inflation for November 2022 rose higher than in October 2022.

The depreciation of the cedi and fuel price hikes were the key triggers of the rising prices of goods on the market in October.

According to figures released by the Ghana Statistical Service (GSS) Ghana's year-on-year inflation surged to 50.3% in November, up from 40.4% in October.

November 2022's inflation was driven by the housing, water, electricity, gas and other fuels which recorded an inflation rate of 79.1%.

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This was followed by furnishings and household equipment (65.7%); transport (63.1%); personal care, social protection and miscellaneous goods and services (56.3%) as well as food and non-alcoholic beverages 55.3%.

The release of the November 2022 inflation figure by the GSS on Wednesday, December 14, 2022, shows that this is the 18th consecutive time the inflation rate has increased.

Inflation figures tell the annual change in the prices of goods and services has increased.

The Ghana government is working to deal with the hardship in the economy as it seeks to clinch a $3 billion bailout deal from the International Monetary Fund (IMF).

The IMF and the ministry of finance on Tuesday, December 13, 2022 announced that Ghana has reached a staff-level agreement on the three-year funding package.

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The loan is aimed to help Ghana restore the economy and rescue it from unsustainable debts to waning reserves and a witting currency.

Fuel Price: Petrol And Diesel Price To Reduce From December 16 But Transport Fares Won't Change

Meanwhile, YEN.com.gh has reported in a separate story that IES has predicted that fuel prices will fall for a third consecutive time on Friday, December 16, 2022.

The energy think tank has said fuel prices will fall significantly because of the cedi's massive gains against the dollar.

In less than three weeks, the Ghana cedi has appreciated by 6% against the United States dollar and other trading currencies.

Source: YEN.com.gh