The Consumer Price Inflation (CPI) for July 2016, declined sharply to 16. 7 percent from the 18.4 percent in June 2016.
The monthly change rate was 0.9 percent in July 2016 compared to 1.3 percent recorded in June this year.
According to the Ghana Statistical Service (GSS), food inflation was 8.6% in July same as what was recorded in June 2016.
[contextly_sidebar id=”PHNSIODAYkbciFBuSgWg7RgEiwBBDdLv”]The year on year non-food inflation rate however declined to 21. 2percent from 24.1 percent between the one month period.
The consumer price index measures the change over time in the general price levels of goods and services that households require for the purpose of consumption.
Government Statistician; at the Ghana Statistical Service Dr. Philomena Nyarko explained to Citi Business News that a base drift effect, cedi stability and seasonality effect on food pricing accounted for the sharp decline in inflation this time.
Meanwhile, the inflation rate for imported items decreased to 15.2 percent in July 2016, from the 17.3 percent recorded in July 2016 while inflation for locally produced items was however 2.1 percent higher than the imported items in July.
The main price drivers for the non food inflation rate were education (35.4%) Recreation and culture (28.3%), transport (25.4%) housing, water, electricity, gas and other fuels (25.4%) clothing and foot wear (24.3%) and furnishing households equipment and routine maintenance (23.0%).
The Figures released by the GSS today also showed that two regions Greater Accra and Ashanti region recorded the highest inflation rate higher than the national average of 16.7%.
Ghana’ capital region Greater Accra recorded the highest inflation of 21.3% followed by Ashanti region with 18.0% while the Upper East region recorded the lowest inflation rate of 10.0% for July this year.
By: Norvan Acquah- Hayford/citibusinessnews.com/Ghana