Inflation rate for January has seen a decline to 10.3 percent from the 11.8 percent recorded in December 2017. The figure represents a 1.5 percentage point drop.
Inflation measures the rate of change in prices of goods and services over a period of time, and affects the purchasing power of consumers.
Speaking at a press conference, Acting Government Statistician, Baah Wadieh attributed the decrease in the January inflation to a general reduction in the food and non-food inflation components, as well as a base drift effect.
“The food and the non-alcoholic beverages group recorded a year on year rate of 6.8 percent. This is 1.2. percentage points lower than the rate recorded in December 2017,” he said.
He explained that six groups of the food and non-alcoholic beverages group recorded inflation higher than the group’s average rate of 6.8 percent.
He stated that the Non-Food group recorded a year on year inflation rate of 12.0 percent in January 2018, compared to the 13.6 percent recorded for December 2017.
Meanwhile at the regional level, Mr. Wadieh announced that the Ashanti region recorded the highest food inflation rate.
By: Lawrence Segbefia/citibusinessnews.com