Ghana’s inflation hits 17.9%

Year-on-year  inflation rate for July 2015 stood at 17.9 percent compared to 17.1 percent record­ed in June 2015.

The monthly change rate in July 2015 was 2.3 percent, while that for June 2015 was 1.8 per­cent.

According to Government Statistician, Dr Philomena Nyarko who presented the inflation figures to the media in Accra on Wednesday, while the year-on- year non-food inflation rate recorded 24.6 percent compared with 23.6 percent recorded in June 2015, that of food inflation rate was 7.6 percent, compared with the 7.4 percent in June 2015.

For imported items, the inflation rate was 21.2 percent in July 2015 (same as the rate recorded in June 2015) but 1.2 times that of the inflation rate for locally produced items which stood at 17.0 percent in July 2015 compared with 15.5 percent recorded in June 2015.

Price drivers

For the non-food inflation rate, the price drivers were housing, water, electricity, gas and other fuels which recorded 27.1 percent; transport (25.7 percent); recreation and culture (25.5 per­cent); clothing and footwear (24.9 percent) and furnishings, house­hold equipment and routine maintenance (24.9 percent).

On food inflation, the main price drivers were mineral water, soft drinks, fruit and vegetable juices (14.5 percent); coffee, tea and cocoa (14.3%); food products (13.9 percent); sugar, jam, honey, chocolate and confectionery (13.8 percent); meat and meat products (11.6 percent); milk, cheese and eggs (9.6 percent) and vegetables (9.3 percent).

Regions

Four regions (Central, Ashanti, Volta, and Upper East) recorded inflation rates higher than the national average of 17.9 percent.

Ashanti Region recorded the highest food inflation rate in July 2015 while Volta Region record­ed the highest non-food inflation rate in July 2015.

The Central Region recorded the highest year-on-year inflation rate of 19.8 percent while the Northern Region recorded the lowest (14.3 percent).

-Daily Guide