Inflation for May inched up to 9.8%

Inflation for May inched up to 9.8%
Source: Ghana| JoyBusiness | JAD
Date: 13-06-2018 Time: 01:06:51:pm

The inflation rate for the month of May inched up to 9.8 per cent from the 9.6 per cent recorded in April 2018. 

The price drivers for the hike in inflation according to the Ghana Statistical Service has been both food and non-food inflation. 

The monthly change rate in May 2018 was 1.0 per cent compared with the 0.9 per cent recorded in April 2018.

The year-on-year food inflation rate for May 2018 was 7.6 per cent compared with 7.4 per cent recorded in April 2018. The year-on-year non-food inflation rate (10.9 per cent) is almost one and half times that of the food inflation rate of 7.6 per cent.

So far, the main price drivers for the non-food inflation rate were clothing and footwear (17.2 per cent), recreation and culture (14.2 per cent), furnishing, household equipment and routine maintenance (14.0 per cent) and miscellaneous goods and services were 12.8 per cent.

Regional inflation

Five regions (Upper West, Brong Ahafo, Northern Western and Ashanti) recorded inflation rates higher than the national average of 9.8 per cent. 

The Upper West Region recorded the highest year-on-year inflation rate of 12.0 per cent followed by the Brong Ahafo region of 11 per cent while the Upper East region recorded the lowest year-on-year inflation by 8.4 per cent in May 2018.  

The May 2018 rate of 9.8 per cent is the second lowest since January 2013.

The first lowest rate was 9.6 per cent in April 2018. 

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