The inflation rate for May 2019 dropped marginally to 9.4 percent from the 9.5 percent recorded in April 2019.
This represents a 0.1 percentage point decrease.
According to the Ghana Statistical Service (GSS), the price drivers for last month’s rate were food and non-food items.
In an interview with Citi Business News, the Deputy Government Statistician, David Kombat explained what the May inflation rate means for the general public.
“The inflation rate of 9.4% means that if you bought a particular quantity of vegetable or an item for GHC 100 in May 2018, you would have to pay GHC 109.40 for the same quantity in 2019.”
Meanwhile, Mr. Kombat explains that the service is working hard to ensure it begins reporting inflation figures for the newly created regions.
“At the regional level, the year-on-year inflation rate ranged from 8.0 percent in the Upper East Region to 11.1 percent in the Upper West region. Three regions (Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates above the national average rate.”
Food and non-food inflation for May 2019
The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 6.7 percent. This is 0.6 percentage point lower than the 7.3 percent recorded in April 2019. Five subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.7 percent.
The subgroups were Coffee, tea and cocoa (15.1%), Fruits (10.9%), Vegetables (8.4%), Mineral water, soft drinks fruits and vegetable juice (8.0%) and Meat and meat products (7.3%).
The non-food group recorded a year-on-year inflation rate of 10.6 percent in May 2019, as compared to 10.4% recorded for April 2019. Five subgroups of the non-food group recorded year-on-year inflation rates higher than the group’s average rate of 10.6 percent; the Clothing and footwear (15.0%), Recreation and Culture (15.0%), Furnishing, Household Equipment and Routine Maintenance (14.5%) and Transport (12.5%). Inflation was lowest in Communications (6.1%).