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Inflation for October declines to 9.5%

Inflation for October declines to 9.5%
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 14-11-2018 Time: 05:11:44:pm

Inflation for October declined to 9.5 per cent year-on-year, a reduction from the 9.8% recorded in September, indicating a change of 0.3 per cent.

This is the percentage change in the consumer price index over the twelve months period from October 2017 to October 2018.

The month-on-month rate recorded was 0.7 per cent compared to the 0.0 per cent recorded for September 2018.

Acting Government Statistician, Baah Wadieh says this is rate the lowest since January 2013.

“When you observe the trend of the rate being recorded, the inflation figure for October 2018 is the lowest since January 2013,” he said.

The inflation index is a measure of the change over time in the general price level of goods and services that are acquired for household consumption.

Mr Baah Wadieh said the rate is influenced by a reduction in the prices for non- food items between the periods.

“The price drivers include, transport, clothing and footwear, recreation and culture among others” he noted.

Food and non-food inflation

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.9 per cent. This is 0.2 percentage point higher than the rate recorded in September 2018. Six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 8.9 per cent.

The non-food group recorded a year-on-year inflation rate of 9.8 per cent in October 2018, compared to the 10.3 per cent recorded for September 2018.

Four subgroups recorded year-on-year inflation rates higher than the group’s average rate 9.8 per cent. Transport recorded the highest inflation rate of 13.9 per cent, followed by clothing and footwear with 13.4 per cent, Recreation and culture with 12.7 per cent and furnishings, household equipment and routine maintenance with 11.9 per cent.

Inflation was lowest in the Housing, Water, Electricity, Gas and others Fuels subgroup (2.8%).

Regional breakdown

The Upper East region recorded the lower inflation rate of 8.3 per cent followed by the Greater Accra region with 9 per cent. The Upper West region had the highest inflation rate of 11.6 per cent.