Business News of 2014-08-13

July inflation now 15.3%

Inflation for the month of July was 15.3 percent. This is the highest recorded since the beginning of 2010. Last month’s inflation increased from 15 percent recorded in June.

The monthly inflation rate for July, however, was 1.6 percent, same as the previous month.

The food inflation rate declined from 7.9 percent recorded in June to 5 percent. However, the group was dominated by the mineral water and soft drinks sub-group, which recorded an inflation rate of 22.3 percent.

The non-food group recorded an inflation rate of 23.1 percent; measuring an increase from 20.3 percent recorded in June.

This group was dominated by housing, water and electricity where prices increased averagely by 62 percent and transportation with an inflation rate of 38.3 percent.

Government Statistician, Dr Philomena Nyarko said trends show inflation could fall during the harvest season.

“Since May 2014, we have seen a reduction in the food inflation from 8 percent to 5 percent in July. We are hoping that there will be a bumper harvest, so the prices of food might go down further,” she said.

According to Dr Nyarko, “the food component in the CPI basket has a weight of 44 percent. So once the price of food goes down, we hope that it will reflect in the overall inflation rate for Ghana.”

Meanwhile, the Northern Region recorded the highest inflation with a rate of 21.1 percent while the Volta region recorded the lowest rate of 11.2 percent.

The Greater Accra recorded an inflation rate of 15.3 percent.

Source: citifmonline.com
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