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Inflation drops to 11.6%

BY ROSEMOND BOATENG ADDAI rosemond.adjetey@yahoo.com


THE CONSUMER Price Index (CPI) which measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption for the month of October 2017 recorded 11.6%.

Mr Baah Wadieh, Acting Government of Ghana Statistician, explained that the year-on-year inflation rate went down by 0.6 percentage point from the 12.2%  recorded in September 2017.

He said “this rate of inflation for October 2017 is the percentage change in the CPI over the 12-month period, from October 2016 to October 2017.”

Mr Wadieh, briefing the press in Accra yesterday, explained that the monthly change rate for October 2017 was 0.9 % as compared to 0.0% in September 2017.

The Statistician said that food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2%.

“This is 0.1 percentage point higher than the rate recorded in September 2017. One sub-group of the food and non-alcoholic beverages group recorded an inflation rate higher than the group’s average rate of 8.2%,” he said.

Mr Wadieh also highlighted the non-food group that it recorded a year-on-year inflation rate of 13.2% compared with the 14.7% recorded in September 2017.

He said “five sub-groups of the non-food group recorded year-on-year inflation rates higher than the group’s average rate of 13.2%.

Transport recorded the highest rate of 18.5% followed by clothing and footwear with 17.1%, recreation and culture 16.8%, miscellaneous goods and services 14.5% and furnishing, household equipment and routine maintenance 14.4%.”

He explained that inflation was lowest in the health sub-group at 4.8%.

Regional differentials

At the regional level, the year-on-year inflation rate ranged from 9.1% in Upper East Region to 12.3% in Greater Accra and Western Regions.

Five regions, Greater Accra, Western, Brong Ahafo, Ashanti and Eastern, recorded inflation rates above the national average of 11.6%

Upper East Region recorded the lowest year-on-year inflation of 9.1% in October 2017.

Imported goods

In October 2017, the year-on-year inflation rate for imported items was 12.2%, 0.8 percentage points higher than that of locally produced items of 11.4%.

 

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