Inflation rate for September drops to 7.6%

Inflation rate for September drops to 7.6%
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 16-10-2019 Time: 03:10:53:pm

Inflation rate recorded by the Ghana Statistical services indicates a reduction from the previous figure to 7.6 per cent.

The rate is influenced by some marginal reduction in prices of non-food items during the period between September 2018 and 2019.

Government Statistician Professor Samuel Kobina Annim announcing the figure in Accra said the rate between food and non-food inflation is significant.

“The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.5 per cent.

This is a 0.3 percentage point higher than the rate recorded in August 2019. Six subgroups recorded inflation rates higher than the group’s average rate of 8.5 per cent.” 

The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for consumption, with reference to the price level in 2018, the base year, which has an index of 100.

Food and Non-food inflation

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.5 per cent. This is a 0.3 percentage point higher than the rate recorded in August 2019. Six subgroups recorded inflation rates higher than the group’s average rate of 8.5 per cent. 

The non-food group recorded a year-on-year inflation rate of 7.0 per cent in September 2019. The Non-Food inflation for September 2019 is 0.4 percentage point lower than the 7.4 per cent recorded for August 2019. Tobacco and Narcotics (12.2%), Housing, water, electricity, gas and other fuels (10.0%), Transport (8.7%) and Recreation, sport and culture (7.5%) were the key drivers of the non-food inflation in September. 

Regional differentials

At the regional level, the year-on-year inflation rate ranged from 3.8 per cent for the Eastern region to 11.8 per cent for the Greater Accra region. 

Four regions (Greater Accra, Central, Upper West and Volta) recorded inflation rates above the national average (7.6%). Eastern region recorded the least inflation rate of 3.8 per cent.