Consumer prices in Ghana increased 11.7 percent year-on-year in November of 2017, following a 11.6 percent rise in the previous month, mainly due to higher prices of housing, transport and clothing and footwear. The country is following a credit program with the International Monetary Fund that targets to shrink the inflation to 8 percent +/- 2 percentage points and restore the fiscal balance in 2018.

Year-on-year, prices advanced at a faster pace for the non-food group (13.6 percent compared to 13.2 percent in October), namely housing and utilities (8.6 percent compared to 6.9 percent); transport (18.6 percent compared to 18.5 percent); clothing and footwear (18.3 percent compared to 17.1 percent); recreation and culture (17.1 percent compared to 16.8 percent); furnishings and household equipment (15.2 percent compared to 14.4 percent); and health (5.5 percent compared to 4.8 percent).

On the other hand, prices went up at a softer pace for: miscellaneous goods and services (14.0 percent compared to 14.5 percent); restaurants and hotels (10.7 percent compared to 11.9 percent); communication (9.4 percent compared to 10 percent) and education (8.8 percent compared to 9.3 percent).

Food inflation decreased to 7.9 percent from 8.2 percent. Prices rose less for fish and sea food (8.8 percent compared to 16.1 percent) and cereals and cereal products (7.3 percent compared to 7.5 percent).

On a monthly basis, consumer prices increased 0.9 percent, the same as in October.

Credit: TradingEconomics

(By Stefanie Moya )