Inflation inches down to 12.2%

The year-on-year inflation rate for September 2017 was 12.2 percent compared to 12.3 percent recorded in August 2017.

Anthony Amuzu, Deputy Government Statistician in-charge of Operations, who disclosed this to journalists yesterday in Accra, said the monthly change rate for September 2017 was 0.0 percent while that for August 2017 was -0.2 percent.

He also put the year-on-year non-food inflation rate for September 2017 at 14.1 percent compared to the 14.7 percent recorded in August 2017, while for the year-on-year food inflation rate, he quoted 8.1 percent compared with 7.4 percent recorded in August 2017.

He explained that the year-on-year non-food inflation rate of 14.1 percent was more than one and half times that of the food inflation rate 8.1 percent.

Noting that inflation for imported items recorded 13.5 percent, 1.9 percentage points higher than that of locally produced items 11.6 percent, he said the main “price drivers” for the non-food inflation rate were transport (21.9 percent); recreation and culture (18.7 percent); furnishing, household equipment and routine maintenance (17.6 percent); clothing and footwear (16.2 percent) and miscellaneous goods and services (15.4 percent).

For the food inflation, Mr Amuzu said the “price drivers” were fish and sea food (16.1 percent).

Other sub-groups of the food sector recorded lower inflation rates than the average of 8.1 percent.

These were meat and meat products recording an increase of 7.5 percent, cereals and cereal products 6.8 percent, oils and fats 6.6 percent, milk, cheese and eggs 6.1 percent, coffee, tea and cocoa 6 percent, mineral water, soft drinks and fruits drinks 5.9 percent, Fruits 5.9 percent, sugar, jam, honey, chocolate and confectionary 5.5 percent and vegetables recording 5.1 percent.

Seven regions (Upper West, Greater Accra, Brong Ahafo, Western, Ashanti, Eastern and Central) recorded inflation rates higher than the national average of 12.2 percent.

Upper West Region recorded the highest year-on-year inflation rate of 13.1 percent, followed by Greater Accra Region with 12.8 percent, while the Volta Region recorded the lowest year-on-year inflation of 10.5 percent in September 2017.