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Economy

Inflation edges up after 18 months downward trend

The rate of inflation edged up in January after 18 consecutive monthly falls as fuel cost and transport fares take their toll. The rate edged higher in January to 9.08 per cent from 8.58 per cent, an increase of 0.5 percentage points. Deputy Government Statistician, Dr Philomena Nyarko, said both the food and the non-food groups contributed to the upward trend in inflation. The average food inflation rate stood at 4.84 per cent with sub-groups such as fruit, chocolate and confectionery, mineral water and soft drinks registering rates between 12.78 per cent and 24.06 per cent. The non-food group, which has a major influence on the overall rate of inflation, recorded an average January rate of 11.82 per cent with transport contributing an appreciable level of 19.42 per cent. Inflation rates in the regions ranged from 5.83 per cent in the Volta Region to 12.50 per cent Greater Accra Region. The Upper East, Upper West and Greater Accra Regions recorded inflation rates above the national rate of 9.08 per cent. Source: GNA

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