July inflation rate rises to 9.4%

July inflation rate rises to 9.4%
Source: Ghana | Karen Dodoo | JoyBusiness
Date: 14-08-2019 Time: 06:08:10:pm

The country’s inflation rate for July 2019 has increased to 9.4 per cent.

This is higher than the 9.1 per cent recorded in June 2019, with a monthly rate of 0.6 percent.

Addressing the media in Accra, Deputy Government Statistician, David Kombat, “this rate of inflation for June 2019 is the percentage change in the Consumer Price Index over the twelve month period, from January 2018 to January 2019.”

Mr Kombat said the non-food group recorded a year-on-year inflation rate of 10.7 per cent, pointing out that the main factors that drove prices for the non-food group rate were footwear, recreation and culture, furnishing, household equipment and others.

“The rise in the inflation level was greatly attributed to the inflation rate of non-food products, which recorded a year on year inflation rate of 10.7 percent, whiles education recorded the lowest rate of 6.4 percent” 

The food and Non-alcoholic Beverages group recorded a year-on-year inflation rate of 6.6 percent.

This is 0.1 percentage point lower than the rate recorded in June 2019. Six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.6%.

Speaking on newly created regions, Mr Kombat explained that the statistical service would soon add records from there in the computation of the Consumer Price Index.

Five regions upper west, Brong Ahafo, Volta, Western and Ashanti recorded inflation rates above the national average of 9.4 per cent Mr Kombat stated.

Consumer Price Index

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, with reference to the price level in 2012, the base year which has an index of 100.