Ghana’s Inflation rate has dropped from 9.8 percent in September to 9.5 percent for the month of October according to official data from its Statistical Service.
Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods.
This means the monthly change rate in October 2018 was 0.7 per cent, compared with the rate of 0.0 per cent recorded in September 2018.
Ghana’s acting Government Statistician Baah Wadieh says the drop is the lowest in five years. According to him year-on-year food inflation rate for October 2018 was 8.9 per cent, compared with 8.7 per cent recorded in September 2018.
He explained that the main “price drivers” for the non-food inflation rate were Clothing and Footwear (13.4 per cent), Transport (13.9 per cent), Recreation and Culture (12.7 per cent), Furnishing, Household Equipment and Routine Maintenance (11.9 per cent).
Mr Baah said “price drivers” for the food inflation rate were Coffee, tea and cocoa (13.1 per cent), Fruits (11.4 per cent), Meat and meat products (10.1 per cent), Mineral water, soft drinks, fruit and vegetable juices (10.4 per cent), Vegetables (9.6 per cent) and Food products (10.5 per cent).
Ghana’s five regions (Upper West, Bono Ahafo, Western, Ashanti and Northern) recorded inflation rates higher than the national average of 9.5 per cent.
Source: Africafeeds.com
