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Business News Fri, 15 Nov 2019

Inflation rate for October increases to 7.7 percent

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The year-on-year inflation rate for October increased slightly to 7.7 per cent, up by 0.1 percentage point from the 7.6 percent recorded in September 2019.

Professor Samuel Kobina Annim, the Government Statistician, who announced this on Wednesday, attributed the increase to prices in both bus fares and fuels.

Food and non-alcoholic beverages recorded a year-on-year inflation rate of 7.0 percent while the non-food group recorded a rate of 8.2 percent.

He said alcoholic beverages, tobacco and narcotics recorded 13.2 percent while transport recorded 12.9 percent.

Prof. Annim said between September and October 2019, the price level of food and non-alcoholic beverages went down slightly by -1.2 percent.

This decline was predominantly driven by a decline in price levels of vegetables and fruits.

Inflation of imported goods was 8.9 percent while that of local goods was 5.9 percent on average.

On regional basis, three regions recorded inflation rates above the national average of 7.7 percent and these were: Greater Accra, 11.8 percent, Central, 9.2 percent, and Volta, 8.9 percent.

Upper East Region recorded the lowest year-on-year inflation rate of 3.6 percent in October 2019, Prof. Annim said.

Source: ghananewsagency.org
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