Business News of 2012-10-12

Inflation Down To 9.4%

Inflation for September this year fell to 9.4 percent from the 9.5 percent recorded in August.

The monthly inflation change rate registered -1.5 percent, which meant that the general price level declined by 1.5 percent between August and September 2012 compared to a decline of 0.8 percent between July and August 2012, Philomena Nyarko, acting Government Statistician told the media yesterday in Accra.

The food and non-food beverages group recorded an average year-on-year inflation rate of 4.4 percent, the same as in August 2012.

The non-food group recorded a year-on-year inflation rate of 12.4 percent. Transport recorded the highest rate of 20.6 percent followed by alcoholic beverages, tobacco and narcotics with 16.7 percent. Inflation was low in the communication group below 1 percent.

The alcoholic beverages beverages, tobacco and narcotics group recorded the highest month-on-month inflation rate of 0.2 percent.

At the regional level, the year-on-year inflation rate ranged from 6.6 percent in the Upper East and Upper West regions to 11.3 percent in the Central region.

Four regions-Central, Greater Accra, Ashanti and Northern- recorded inflation rates above the national average of 9.4 percent.

For the month of August, mineral water, soft drinks and juices recorded 20.5 percent in the food group followed by coffee, tea and cocoa (14.1 percent); milk cheese and eggs (13.9); meat (10.7 percent); sugar, jam, honey, syrups, chocolate and confectionery (9.1 percent) and also bread and cereals (7.0 percent).

The non-food group recorded a year-on-year inflation rate of 12.5 percent for August.

Education followed at 15.8 percent; miscellaneous goods and services (15.3 percent); clothing and footwear (13.6 percent); furnishings, household equipment, etc (13.6 percent), as well as recreation and culture (12.5 percent).

On regional basis, the year-on-year inflation rate ranged from 6.2 percent in the Upper East and West regions to 11.1 percent in the Central region for August.

Source: Daily Guide
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