Inflation falls to 15.8% in October, the lowest in 2016

Inflation for the month of October 2016 has seen a sharp decline from the 17.2% recorded in September to 15.8%.

The rate decreased by 1.4% from the 17.2% in September 2016. The monthly change rate for October 2016 was 1.4% while that for Septmeber 2016 was 0.2%.

The consumer price index measures the change over time in the general price levels of goods and services that households require for the purpose of consumption.

The year - on - year food inflation rate for October 2016 was 8.7%, compared with 9.0% recorded in September 2016.

Meanwhile the year - on - year inflation rate in October 2016 for imported items (17.3%) was 2.2 percent points higher than that of locally produced items (15.1%)

According to the Ghana Statistical Service, elements of the non-food group inflation namely; transport, housing, water, electricity, education and recreation among others accounted for the increase.

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.7%. This represented a 0.3% point lower than the rate recorded in Septmeber 2016.

The non-food group on the other hand recorded a year-on-year inflation rate of 19.4% in October 2016.

Transport recorded the highest inflation rate of 27.2 percent, followed by Education 25.8 percent, recreation & culture with 24.0 percent and House,Water, Electricity,Gas and other fuels with 23.1 percent.

At the regional level, the year-on-year inflation rate ranged from 12.9 percent in the Central region to 15.8 percent in the Greater Accra region.

Two regions; Greater Accra and Ashanti recorded inflation rates above the national average of 15.8 percent.