Inflation declines marginally in October

Accra, Nov. 9, GNA - The annual rate of inflation dropped marginally by 0.1 percentage points from 10.2 per cent in September to 10.1 per cent in October, the Deputy Government Statistician, Professor Nicholas Nuamah-Nsowah, announced on Friday. At a press briefing to release the Consumer Price Index (CPI) for the month, Prof. Nuamah-Nsowah said stable food prices over the period contributed to the decline in the rate.

The monthly rate of inflation between September and October was -0.2 per cent. The food and beverages group contributed -0.78 points to the change in the national index while the non-food groups together contributed 0.41 points.

Within the food and beverages group, the vegetables including potatoes and other tuber vegetables group contributed the highest of -0.81 points to the change in the index with yam, plantain and cassava contributing -0.40 points, 0.49 points and 0.01 points respectively. Within the non-food group, transport group contributed the highest 0.15 points followed by housing, water, electricity, gas and others group 0.12 points and education contributed 0.08 points. The communication and furnishings, household equipment and routine maintenance groups did not contribute anything to the change in the national index. Prof. Nsowah-Nuamah said five regions namely Central, Volta, Ashanti, Brong Ahafo and Northern, recorded single digit inflation, with Ashanti region having the lowest 8.5 per cent in October, a pointer to the relatively stable prices of goods and services in the regions. Upper regions recorded the highest changes in the prices of goods and services between October 2006 and October 2007. Asked about the impact of the recent floods in the Northern Regions on inflation, Prof. Nsowah-Nuamah said there was no immediate impact but held that a clear picture would emerge from next year.