January inflation rate slows to 10.3 percent

Headline inflation rate for the month of January 2018 slowed to 10.3 percent from 11.8 percent recorded in December, 2017, latest figures released by the Ghana Statistical Service have shown.

The current figure which represents a 1.4 percentage change from the previous month figure is the lowest rate since 2013.

Mr. Baah Wadieh, Acting Government Statistician, speaking at a media conference in Accra explained that inflation rate for imported items recorded 11.8% in January 2018 compared with 13.6% recorded in December 2017. While, inflation rate for locally produced items was 9.7% in January 2018 compared with 11.1% recorded in December 2017.

He explained that food and non-alcoholic beverages group recorded a year-on-year inflation rate of 6.8 percent.

This, he said represent a 1.2 percentage points lower than the rate recorded in December 2017, adding that six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.8 percent.

The non-food group recorded a year-on-year inflation rate is 12.0 percent in January, compared to the 13.6 percent recorded for December, 2017. Five subgroups recorded year-on-year inflation rates higher than the group’s average of 12.0 percent.

Transport recorded the highest inflation rate of 17.9 percent, followed by Clothing and footwear with 16.7 percent, Recreation and culture with 13.7 percent, Miscellaneous goods and services with 12.7 percent and furnishings, household equipment and routine maintenance with 12.1 percent. Inflation was lowest in the education subgroup with 5.5 percent.

At the regional level, the year-on-year inflation rate ranged from 7.8 percent in Upper East region to 12.1 percent in Upper West region.

Four regions Upper West, Brong Ahafo, Ashanti and Greater Accra regions recorded inflation rates above the national average rate of 10.3 percent. Upper East recorded the lowest inflation rate of 7.8 percent.

By Ekow Essabra-Mensah, thebftonline

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