Single digit inflation achievable- Dr Wampah

The acting governor of Bank of Ghana Dr Henry Kofi Wampah says government will achieve single digit inflation for 2012.

Addressing a press conference in Accra last week, he said the Bank’s inflation forecast indicates that inflation has been well anchored within the projected band of 8.5 ± 2 percent and is likely to end the year in single digit.

According to the Central Bank governor, price developments suggest diminished inflationary expectations as reflected in the latest surveys.

Year on year inflation measured by the Consumer Price Index (CPI) indicates that inflation has dropped slightly to 9.2 percent for the 12 month period ended October 2012, from 9.4 percent recorded in September 2012, according to figures released by the Ghana Statistical Service last week.

The monthly charge rate for October 2012 was negative 1.0 percent, meaning the general price level declined by 1.0 percent between September and October compared to a decline of 1.5 percent between and September 2012,

The Acting Government Statistician, Philomena Nyarko explained at a press briefing that, the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 4.1 percent, down from the 4.4 percent recorded in September 2012. Eight sub group of the food and non-beverages group recorded inflation rates above the group average inflation rate of 4.1 percent.

The non-food group recorded a year-on-year inflation rate of 12.2 percent. Seven sub groups recorded year-on-year inflation rate above the group’s average rate. Transport recorded the highest rate of 20.6 percent followed by alcohol beverages, tobacco and narcotics with 16.1 percent. Inflation was lowest in communication subgroup of 0.2%.

At the regional level, the year-on-year inflation rate ranged from 6.6 percent in the Volta region to 11.0 percent in the central region. Four regions (central, Greater Accra, Northern and Ashanti) recorded inflation rates above the national average of 9.2 percent.