Inflation has shot up marginally to 17.44 percent for November 2008, according to the latest figures released by the Ghana Statistical Service (GSS). The marginal surge broke a four-month downward trend and as a result food prices increased slightly in November. Magnus Ebo Duncan, Divisional Head, Economics Statistics of GSS, said the inflation rate for the next couple of months will not change so much despite the Christmas festivities which will start next week. He added that the elections did not have any effect on last month’s inflation despite huge spending by political parties, saying it rather impacted on the Producer Price Index (PPI). According to the figures released, food inflation which constitutes more than half of the weight used to compute the Consumer Price Index (CPI) recorded 15.84 percent while the non-food inflation recorded 18.57 percent but smaller than the October figure. Eight sub-groups, both the non-food and food components contributed more than one percentage point to the annual rate of inflation for November. Hotels, cafes and restaurants as well as clothing and footwear were the highest contributors, adding 2.33 and 1.80 percent respectively. On the other hand, furnishings, household equipment and routine maintenance, housing, water, electricity, gas and other utilities as well as transport added 1.37, 1.16 and 1.10. While education again saw an insignificant change of 0.18 percent, communications also increased marginally for the first time in 13 months by 0.01. With regard to food inflation, vegetables including potatoes, fish and bread and cereals added 1.71, 1.69 and 1.62 percent respectively to the change. Similarly, milk, cheese and egg, meat and fruit added 0.56, 0.56 and 0.35 percent respectively. Inflation in the rural areas continued to remain high despite falling to 18.67 percent, from the previous 18.78 percent recorded in September while urban inflation inched up slightly to 16.09 percent from the previous 15.52 percent. Mr. Duncan explained that the reduction in fuel prices last Friday could have a major impact on inflation, thus causing a drop since the weight of petrol on the CPI was big. For the regions, Volta region toppled the Ashanti region to record the least inflation of 14.72 percent. Ashanti recorded 14.96 percent, from the previous 13.22 percent. On the other hand, the Brong Ahafo, Eastern and Greater Accra regions followed suit with inflation of 17.76, 17.93 and18.06 percent respectively. Western, Upper, Central and Northern regions recorded inflation rates of 18.82, 19.10, 19.69 and 23.40 percent respectively. Source: Daily Guide