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Inflation for July falls to 9.6 percent

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Inflation for the month of July fell from 10 percent to 9.6 percent.

This represents a 0.4 percentage decrease.

Inflation measures the change in the general price level of goods and services over time.

Speaking at a press conference, the acting Government Statistician, Baah Wadieh said the drop was due to the food component in the inflation basket.

According to Mr. Baah Wadieh, the food and non-alcoholic beverages group recorded a year on year inflation rate of 7.4 percent.

He explained that six groups under the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average.

“The non food group recorded a year on year inflation rate of 10.7 percent in July 2018 compared to the 11.2 percent recorded for June 2018. Five subgroups recorded year on year inflation rates higher than the group’s average rate of 10.7 percent,” he said.

“Clothing and Footwear recorded the highest inflation rate of 15.4 percent followed by transport with 15 percent, Recreation and culture with 13.4 percent, Furnishing, households equipment and routine maintenance with 12.5 percent  and Miscellaneous goods and services with 12 percent,” he added.

Mr. Wadieh pointed out that inflation was lowest in the housing, water, electricity, Gas and other fuels subgroup.

On regional basis, the year on year inflation rate ranged from 7.8 percent in Upper East region to 11.5 percent in Upper West region. Brong Ahafo, Western, Ashanti, Northern and Upper West regions recorded inflation rates above the national average rate of 9.6 percent.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

 

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