December inflation rate rises to 10.4 per cent-Stats office

People shop at Macy's Department store in New York

People shop at Macy's Department store in New York

"The Consumer Price Index (CPI) is forecast to rise 0.4% on the month and 1.3% annually up from 0.2% and 1.2% in November".

The primary articles inflation was at minus 1.61 per cent versus 2.72 per cent month-on-month and manufactured products inflation at 4.24 per cent versus 2.97 per cent. The indices of industrial production for mining, manufacturing and electricity sectors for the month of November 2020 stand at 104.5, 128.4 and 144.8, according to an official statement.

Food contributed 59.1 per cent to the overall inflation, the highest contribution recorde since April 2020, when COVID-19 started to affect Ghana.

The manufacturing sector which constitutes 77.63 per cent of the index recorded a contraction of 1.7 percent in November 2020, as per data released by the National Statistical Office (NSO).

"Hence, once the pent up demand is exhausted, it will be critical to ensure demand upswing to see the real benefit of moderate inflation", said Sanjay Kumar, chief executive officer and managing director, Elior India.

Nepal approves India's 'COVISHIELD' Covid-19 vaccines for emergency use
The health ministry also said that an interval of at least 28 days has to be maintained between the two doses of the vaccine and its effectiveness will begin 14 days after the second dose.

Energy inflation registered a sharp acceleration, leaping 4.0% higher after a 0.4% increase in November.

Compared to last month, only Ashanti, Brong Ahafo and Upper West Region had a lower food inflation this month.

After consumer's inflation, producer's inflation, too, registered a decline in December. And even if price pressures build, the central bank's new inflation target allows for periods when inflation can moderately overshoot 2 per cent - as measured by the Commerce Department's personal consumption expenditures price index.

Meanwhile, the month-on-month Non-Food inflation was 1.5 per cent with inflation for locally produced items was 12.1 per cent with the inflation for imported items standing at 6.1 per cent.

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