Inflation Rate inches up by 0.1% in December 2017
| Updated Jan 10, 2018 at 2:02pm
The year-on-year inflation rate for December, 2017 as measured by the CPI was 11.8 percent representing 0.1 percentage point from the 11.7 percent recorded in November 2017.
This rate of inflation for December 2017 is the percentage change in the Consumer Price Index (CPI) over the twelvemonth period, from December 2016 to December 2017.
The monthly change rate for December 2017 was 1.0 percent compared to the 0.9 percent recorded for November 2017, According to The Ghana Statistical Service release.
Speaking at the news conference in Accra, The Acting Government Statistician, Baah Wadieh said, the year-on-year non-food inflation rate for December 2017 was 13.6% same as the rate recorded in November 2017, adding that, the year-on-year food inflation rate for December 2017 was 8.0%, compared with 7.9% recorded in November 2017.
“The year-on-year non-food inflation rate (13.6%) is more than one and half times that of the food inflation rate (8.0%).
In December 2017, the year-on-year inflation rate for imported items (13.6%) was 2.5 percentage points higher than that of locally produced items (11.1%).”
The main “price drivers" for the non-food inflation rite were Clothing and footwear (18.8%), Transport (18.7%); Recreation and Culture (17.5%) and Furnishing, Household Equipment and Routine Maintenance (15.2%).
The “price drivers" for the food inflation rate were Ve89t3b|es (10.0%) and Fish and sea food (8.8%).”
According to him, four Regions (Upper West, Greater Accra, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average of 11.8%.
Upper West region recorded the highest year-on-year inflation rate of 12.8%, followed by Greater Accra region (12.7%), while the Upper East region recorded the lowest year-on-year inflation (10.2%) in December 2017.
The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.0 percent.
This is 0.1 percentage point higher than the rate recorded in November 2017.
Two subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 8.0 percent.
The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.
Story by Francis Edzorna Mensah