Dr Philomena Nyarko
Year-on-year inflation rate for October 2016 was 15.8 percent from 17.2 percent in September.
According to Dr Philomena Nyarko, Government Statistician, this means the change in the general price level was 15.8 percent over the one year period (October 2015 to October 2016).
The monthly change rate for October 2016 was 1.4 percent.
This means that the general price level went up by 1.4 percent between September 2016 and October 2016.
The monthly change rate recorded for September 2016 was 0.2 percent.
The food inflation rate for October 2016 was 8.7 percent compared to 9.0 percent recorded in September 2016.
The non-food inflation rate for October 2016 was 19.4 percent compared to 21.6 percent recorded in September 2016.
Seven subgroups recorded inflation rates higher than the group’s average of 8.7 percent.
These included coffee and cocoa – 15.1 percent; mineral water, soft drinks, fruits – 15.1 percent; sugar, jam, honey, chocolate – 13.6 percent; meat and meat products – 13.3 percent; food products – 11.7 percent; fruits – 10.4 percent and oils & fats – 9.7 percent.
Meanwhile, inflation for the non-food component for October 2016 reached 19.4 percent lower than the 21.6 percent recorded in September this year.
Six subgroups of the non-food component recorded inflation rates higher than the group’s average rate of 19.4 percent.
These included Transport (27.2 percent); Education (25.8 percent); Recreation and culture (24 percent); housing, water, electricity, gas and other fuels (23.1 percent); furnishings, household equipment and routine maintenance (22.2 percent) and health (20.9 percent).
Greater Accra region recorded the highest inflation rate of 18.7 percent while the Central Region recorded the least inflation of 12.9 percent.
By Samuel Boadi
samuel10gh@yahoo.com