December inflation hits 10.4%

Inflation rate for the month of December 2020 recorded 10.4%  compared to the 9.8% in November same year, the Ghana Statistical Service (GSS) has announced.

The 10.4% is the highest since October last year amidst the covid-19 crisis and the yuletide.

The annual inflation rate for 2020 was 9.9%.

 The December 2020 inflation rate of 10.4% is out of the central bank’s medium term target band of 8 plus or minus 2.

 However, the annual average inflation of 9.9% is within the exchequer’s target band.

 The first quarter recorded an average inflation of 7.8% with the second quarter’s average at 11.0%.

 The third quarter recorded an average inflation of 10.8% while that of the fourth quarter was 10.1%

Speaking to the media on Wednesday, January 13, 2021 in Accra, Government Statistician, Professor Samue Kobina Annim noted food inflation continue to be higher than non-inflation, year-on-year basis. “Food inflation was 14.1% in December 2020 as against 11.7% in November. The non-food inflation was 7.7% in December compared to 8.3% recorded in November”.

By Eben Agyekum-Boateng |

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