November inflation drops to 16.92 per cent
Accra, Dec. 11, GNA - The inflation rate fell to 16.92 per cent year-on-year in November, a fifth consecutive monthly decline, the Ghana Statistical Service said on Friday.
The rate decreased by 1.45 percentage points from 18.04 per cent in October on account of easing pressure on food prices.
"Since July/August, we see that it has been declining. Hopefully this will continue," Dr Grace Bediako, Government Statistician, said at a press conference.
The inflation rate has been primarily driven by the non-food sub-sector, which constitutes 55.09 per cent of the Consumer Price Index (CPI) basket.
In November inflation rate for the non-food group was 20.05 per cent as against 12.38 per cent for the food group.
Asked whether government's inflation target of 14.5 per cent at year end could be attained, Dr Bediako said it was possible.
"In the year the decline has been slow. This is one of the biggest declines. It is more than one percentage point. For it to get to 14.5 per cent there would have to be a decline of about 1.5 per cent," she said.
"Is it possible? Yes, anything is possible but in terms of the trend as we have seen it, perhaps that is a large drop to expect. So if it drops, we still think it will be within one percentage point so will get close to it," she said.