Inflation down to 16.7%

The Ghana Statistical Service (GSS) has released the inflation rate for July 2016 with Consumer Price Inflation (CPI) declining to 16.7 per cent from 18.4 per cent in June 2016.

The monthly change rate was 0.9 per cent for July 2016 compared to 1.3 per cent recorded in June this year.

According to the figures released on Wednesday August 10, food inflation was 8.6 per cent in July, same as in May 2016.

Meanwhile, the inflation rate for imported items decreased to 15.2 per cent in July 2016, from 17.3 per cent recorded in June 2016.

The main price drivers for the non-food inflation rate were education (35.4 per cent) recreation and culture (28.3 per cent), transport (25.4 per cent) housing, water, electricity, gas and other fuels (25.4 per cent) clothing and footwear (24.3 per cent) and furnishing household equipment and routine maintenance (23.0 per cent).

Greater Accra and Ashanti regions recorded the highest inflation rate, higher than the national average of 16.7 per cent. Accra recorded the highest inflation of 21.3 per cent, followed by Ashanti region with 18.0 per cent, with the Upper East region recording the least inflation rate of 10.0 per cent for July 2016.