Ghana’s Inflation for October 2016 reached 15.8 percent.
The figure represents a 1.4 percent reduction from the 17.2 percent recorded in September this year.
This is higher compared to the monthly change rate for September which was 0.2 percent.
According to figures released by the Ghana Statistical Service, inflation for the food and non-alcoholic beverages reached 8.7 percent.
The figure is 0.3 percentage point lower than the rate recorded in September 2016.
Also, seven subgroups recorded inflation rates higher than the group’s average of 8.7 percent.
These included; coffee and cocoa – 15.1%; mineral water, soft drinks, fruits – 15.1%; sugar, jam, honey, chocolate – 13.6%; meat and meat products – 13.3%; food products – 11.7%; fruits – 10.4% and oils & fats – 9.7%.
Meanwhile inflation for the non-food component for October 2016, reached 19.4 percent, lower than the 21.6 percent recorded in September this year.
Six subgroups of the non-food component recorded inflation rates higher than the group’s average rate of 19.4 percent.
These included; Transport (27.2%); Education (25.8%); Recreation and culture (24%); housing, water, electricity, gas and other fuels (23.1%); furnishings, household equipment and routine maintenance (22.2%) and health (20.9%).
Among the regions, the Greater Accra region recorded the highest inflation rate of 18.7% while the central region recorded the least of 12.9%.
The consumer price index 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.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana