Consumer inflation for October has recorded a continuous dip to 9.5 percent from 9.8 percent recorded in September, and 9.9 percent in August this year. The fall of the inflation for October represents a 0.3 percentage point drop.
The figure for October 2018 is the lowest rate recorder since 2013.This is according data released by the Ghana Statistical Service (GSS).
The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.
In an interview on the data released by the GSS, the Acting Government Statistician, Baah Wadieh said, “we observed that the inflation for the non-food came down from 10.3 percent to 9.8 percent in October 2018. That was the main cause for the decline for the month.”
He stated that some items in the non-food group recorded a fall in their inflation rate. These include Transport to 13.9 percent, clothing and footwear 13.4 percent, recreation and culture 12.7 percent, and furnishing, equipment and routine maintenance 11.9 percent.
Four subgroups recorded y-o-y inflation rates higher than the group’s average rate for 9.8 percent.
The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.9 percent. This is 0.2 percentage point higher than the rate recorded in September 2018. Six sub groups of the food and non-alcoholic beverage group recorded inflation rates higher than the group’s average rate of 8.9 percent.
The price drivers for the food inflation rate were coffee, tea and cocoa with 13.1 percent, fruits with 11.4 percent, food and food products 10.5 percent, mineral water, soft drinks, fruit and vegetable juices with 10.4 percent. Meat and meat products recorded 10.1 percent whereas the vegetable recorded 9.6 percent.
At the regional level, the y-o-y inflation rate ranged from 8.3 percent in Upper East region to 11.6 percent in Upper West region. Five regions; Upper West, Brong Ahafo, Western, Northern and Ashanti, recorded inflation rates above the national average of 9.5 percent.
By Joshua W. Amlanu