Inflation for January declines to 10.3%

Inflation for January declines to 10.3%
Source: Ghana| JoyBusiness
Date: 14-02-2018 Time: 01:02:30:pm

The year on year inflation rate for the month of January dropped to 10.3 percent from 11.8 percent recorded in December, 2017.

This rate of inflation for January 2018 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from January 2017 to January 2018.

The monthly change rate for January 2018 was 1.4 percent compared to the 1.0 percent recorded for December 2017.

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 6.8 percent. This is 1.2 percentage points lower than the rate recorded in December 2017. Six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.8 percent.

The non-food group recorded a year-on-year inflation rate is 12.0 percent in January, compared to the 13.6 percent recorded for December, 2017. Five subgroups recorded year-on-year inflation rates higher than the group’s average of 12.0 percent.

Transport recorded the highest inflation rate of 17.9 percent, followed by Clothing and footwear with 16.7 percent, Recreation and culture with 13.7 percent, Miscellaneous goods and services with 12.7 percent and furnishings, household equipment and routine maintenance with 12.1 percent. Inflation was lowest in the education subgroup with 5.5 percent.

Regional inflation

At the regional level, the year-on-year inflation rate ranged from 7.8 percent in Upper East region to 12.1 percent in Upper West region.

Four regions Upper West, Brong Ahafo, Ashanti and Greater Accra regions recorded inflation rates above the national average rate of 10.3 percent. Upper East recorded the lowest inflation rate of 7.8 percent.

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