Inflation Drops To 12.6%

Baah Wadie, Acting Government Statistician

The year-on-year inflation rate for May, this year reduced to 12.6 percent from the 13.0 percent recorded in April, this year, according to the Ghana Statistical Service (GSS).

The figure is the lowest since December 2013.

Acting Government Statistician, Baah Wadieh, who disclosed this yesterday to the media in Accra, said the monthly change rate for May 2017 was 0.7 percent compared to 1.6 percent recorded for April 2017.

For the food and non-food inflation group, he said it recorded year-on-year inflation rate of 6.3 percent.

“Two subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.3 percent,” he said.

The “price drivers” for the food inflation rate were fish and sea food (13.1 percent) and meat and meat products (9.5 percent).

He said the non-food group recorded a year-on-year inflation rate of 15.8 percent in May compared to the 16.3 percent recorded for April.

Transport recorded the highest inflation rate of 23.6 percent, followed by recreation and culture with 21.4 percent, while furnishings, household equipment and routine maintenance recorded 20.7 percent; clothing and footwear (16.5 percent) followed by miscellaneous goods and services at 16.4 percent.

“Inflation was lowest in the housing, water, electricity, gas and other fuels subgroups with 7.4 percent,” he noted.

Regionals

At the regional level, he said “the year-on-year inflation rate ranged from 9.1 percent in the Upper East Region to 13.6 percent in the Greater Accra Region.

Five regions – Greater Accra, Upper West, Ashanti, Brong Ahafo and Western- recorded inflation rate above the national average of 12.6 percent.

The Greater Accra Region recorded the highest year-on-year inflation rate of 13.6 percent followed by the Upper West Region with 13.5 percent while the Upper East Region recorded the lowest (9.1 percent).

The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.

By Bridget Boateng & Rosemary Twum

 

 

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